Having stunned the industry with the news of their groundbreaking business deals – which saw them eschewing traditional record labels, to instead sign up with a US-based touring company instead – now music giants U2 and Madonna are set to lose millions of dollars for their parent company, Live Nation.

Thanks to the escalating global financial crisis, Live Nation will lose about AUS$28 million when Irish rockers U2 sell their shares, while they’ll also wave goodbye to another $37 million next April, if pop diva Madonna also chooses to exercise her right to sell. Both artists entered into groundbreaking deals with the touring company in 2008, Live Nation guarantying millions of dollars in shares as part of massive payment plan to sign both acts.

According to the Wall Street Journal, Live Nation U2 are set to receive $38 million for their 1.6 million shares, as a part of a 12-year deal the group signed back in March. The market value for the shares, however, has dropped to $9.3 million.

“Madonna and U2 are the only two deals that did contain this [stock sales] provision,” Live Nation Chief Executive Michael Rapindo admitted to the paper. “The Madonna business is great, and we look forward to monetising our investment in U2 next year.”