Fiddler in tune with Desmond

BRITISH entertainment group Mean Fiddler has joined forces with arch-rival Denis Desmond.

In a statement to the stock exchange, Mean Fiddler chairman Vince Power said he had sold 10 million shares a 16.2% stake to Mr Desmond's MCD.

MCD promotes the V festivals and is owner of London's Brixton Academy and Shepherd's Bush Empire live music venues. Mr Desmond will join the Mean Fiddler board.

Mr Power retains 34.9% of the issued share capital in Mean Fiddler.

It promotes the Leeds and Reading rock festivals and owns London's Astoria and Jazz Cafe and other venues.

It also has a stake in Glastonbury, Britain's biggest summer music festival.

Mr Power said: "I have known Denis for over 20 years and have always respected him as a competitor."

He added: "I have thought long and hard about giving up majority control of the group that I founded, but this deal is unquestionably the right one for the future of Mean Fiddler," he added.

He expressed the belief that the tie-up would increase bargaining power when negotiating with artists and suppliers.

Mr Desmond was equally pleased with the move.

"This is tremendous news for both MCD and Mean Fiddler, as we will be able to scale our businesses to take advantage of the significant opportunities in the live music market.

"As a committed long-term investor, we will have the ability to cross-market our various leading venues and festivals."

Mean Fiddler's customer base stands at five million people, attending venues and festivals annually.