Music promoter Mean Fiddler sold for almost £38m

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Friday, April 8, 2005

Mean Fiddler PLC, one of the most successful music promoters in the UK and Ireland has today agreed to be taken over by the Irish owned Gaiety Investments (owner of MCD Promotions) and US based Clear Channel Communications. The deal values Mean Fiddler at STG£37.9m (€55.3m; US$71.4m) or £0.60 a share. It will be an all cash transaction.

Mean Fiddler was founded in 1982 by Vince Power, a native of County Waterford, Ireland. The company, which started life as a small but trendy club in London, grew rapidly in the 1980's to encompass a French restaurant and three venues in London; the Acoustic Room, the Powerhaus and Subterania.

Today the company regularly organises some of the largest music events in Europe. It runs the Reading and Leeds music festivals and also owns a 39% stake in the Glastonbury Festival.