Clear Channel has increased its stake in the UK live music industry through a takeover of Vince Power's Mean Fiddler group. Clear
Channel will acquire the venue owning and festival promoting business via Hamsard, a joint venture company co-owned by the parent company of Denis Desmond's MCD Productions, which already owns 24.3% of Mean Fiddler. The sale will see Mean Fiddler founder
Power pocket a reported £13 million for his 35% stake.
The deal, which was first put on the table by Hamsard last month, will give Clear Channel part ownership of flagship live music venues like the London Astoria, as well a stake in the Leeds and Reading Festivals, and a stake of a stake in the Glastonbury
Festival.
Commenting on the deal, a spokesman for the Hamsard venture told reporters:
"Following the acquisition, the Mean Fiddler group will continue to pursue a strategy of delivering world-class event promotion and event management both through its festivals and music businesses in the UK"
Although
Mean Fiddler has accepted the takeover offer, the deal is still subject to the approval of the company's shareholders. However insiders say that the way this deal has been crafted means Power won't be able to pull the plug at the last minute as he reportedly did last year when another acquisition deal fell through.