CCE & MCD to buy Mean Fiddler?

News emerged back in mid-February that Mean Fiddler, the company that runs the Reading and Leeds Festivals as well as others, had received a preliminary approach from an unnamed potential bidder.

Speculation at the time revolved around Irish promoter Derek Desmond &/or his company MCD. MCD already owns 24% of Mean Fiddler.

Today it's emerged that the potential bidder is MCD, along with giant Clear Channel Entertainment, through a joint company Hamsard. It's thought they'll spend around £13M to acquire the 35% shareholding of founder and chairman Vince Power.

Today's deal is dependant on Hamsard launching a formal offer. However, Hamsard have issued a statement saying that a firm offer was not a foregone conclusion, and that an offer may be less than the 60p a share agreed with Power.

As well as Reading and Leeds festivals, Mean Fiddler runs the dance festival Homelands, the Fleadh, has an interest in Glastonbury, also puts on various one-off open air shows, and owns a string of music venues such as London’s Astoria. MCD's interests include V Festival, Ireland's Oxegen, and venues such as Brixton Academy.

If the deal does go through, MCD & Clear Channel Entertainment (which already has interests in the Isle of Wight and Download festivals) would have an interest in all of the major mainstream festivals in the UK.

It's been known for a while that Mr Power has been thinking of retiring. A deal was struck last year which would have seen him step down, but it collapsed within a few days.