The takeover is by Hamsard - which is owned by the UK arm of American giant Clear Channel Communications, and Gaiety Investments Ltd. We understand that Gaiety Investments is owned or controlled by Derek Desmond, the man behind Irish-based music buiness MCD, who we had previously reported had offered to buy Mean Fiddler with Clear Channel.
With this deal now likely to be going through, these companies would individually or between them have stakes in or own completely Reading & Leeds, V Festival, Homelands, Isle of Wight, Download, Oxegen and others, whilst also being involved with venues around the UK.
They will also be buying a stake in Glastonbury ... but only briefly. Our understanding from a recent in-depth chat with Glastonbury Festival organiser Michael Eavis is that Mean Fiddler only owns a share in a company which has a licence to operate the Festival, and not a share in the Festival itself.
Michael told us that this licence expires after this year's Festival, and that at that point Mean Fiddler would have no ownership or contractual links with Glastonbury Festival. With the Festival taking a year off in 2006, he has plenty of time to consider all the options, which could include no partner at all for the future.
previous article:
CCE & MCD to buy Mean Fiddler?
Friday 11 March 2005
Discuss this on the message boards