The series of attacks targeting young concert-goers, soccer fans and Parisians enjoying a Friday night out at popular nightspots killed at least 140 people.
The band released a statement following the attacks, said The Hollywood Reporter.
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"We are devastated at the loss of life at the Eagles of Death Metal concert and our thoughts and prayers are with the band and their fans. And we hope and pray that all of our fans in Paris are safe," the statement read.
U2's show, part of its Innocence + Experience tour, was slated to be broadcast live on HBO.
A repeat of feature film Jersey Boys will air in its place Saturday at 9 pm on HBO.
"As a result of the ongoing state of emergency across France, the U2 Paris concert scheduled for 14th November will not be going ahead as planned. U2 and Live Nation, along with HBO who were due to live broadcast the Saturday concert, are fully resolved to go ahead with this show at an appropriate time," the band wrote on its website.
The band was reportedly away from the shootings that took place on Friday.
Lead singer Bono was rehearsing nearby at the Accor Hotels Arena - where the group was set to perform Saturday and Sunday.
Band members Bono, The Edge, Adam Clayton and Larry Mullen Jr as well as crew members were promptly moved into lockdown and are safe at nearby accommodations, insiders said.
French president Francois Hollande announced that he was closing the country's borders and declaring a state of emergency.
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