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TMG/AEG Live deal with Kenny Chesney


TMG/AEG Live has nailed down a multiyear tour deal with country star Kenny Chesney that could stretch into 2013, Billboard has learned.

Through the agreement, which begins in 2009, TMG/AEG Live snares one of the industry's most potent stadium-level concert draws at a time of increasing economic uncertainty.

Specific financial terms were not disclosed, but the unique agreement doesn't include an advance or signing bonus and is structured around salable ticket inventory, as opposed to tickets sold.

With Chesney to be paid a guaranteed amount based on the number of tickets available for sale, TMG/AEG Live will face even greater pressure than usual to fill the seats at every show.

Still, Chesney's new deal with TMG/AEG Live provides greater flexibility for both sides. TMG/AEG Live won't have to set ticket prices with an eye on recouping a huge upfront guarantee. Meanwhile, Chesney effectively has five years to complete three years' worth of touring with TMG/AEG Live.

The agreement doesn't include any recording or merchandising rights, but TMG/AMG Live is working to secure corporate sponsorships for the shows.

Chesney has emerged as the top-selling artist on the road who tours every year. Since 2002, Chesney has grossed well more than $300 million and moved nearly 7 million tickets, according to Billboard Boxscore. In each of the five previous years, he has played to more than 1 million people, a first in country music and extremely rare for any genre.

Source- Reuters


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