The Carling Weekend: Reading and Leeds festivals are getting new owners...

UK live music giant the MEAN FIDDLER is to be sold for nearly £40million.

The promotions company, which owns the Carling Weekend: Reading and Leeds festivals and a 39% stake in Glastonbury, has accepted a takeover bid from US powerhouse Clear Channel and Irish firm Gaiety Investments.

Clear Channel is one of the US’ biggest media organisations, owning and operating 1200 radio stations and putting on live shows at thousands of venues.

If approved by the Mean Fiddler shareholders, the deal will see boss Vince Power, who set up the company over 20 years ago, pocket around £13million for his 35% stake.

According the BBC, Clear Channel and Gaiety’s joint investment vehicle Hamsard, said: “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 venues across the UK.”

As well as its festivals, Mean Fiddler also operates London venues the Astoria, the Garage, the Forum, the Jazz Café and the Mean Fiddler itself.