U.K. promoter and venues operator Mean Fiddler has reached a deal to sell the London Forum entertainment venue for £1 million ($1.9 million).

MAMA, a media and marketing group quoted on the Alternative Investment Market segment of the London Stock Exchange, has agreed to pay cash for the multi-level hall, which has a capacity of 2,110.

The agreement is conditional of approval of the U.K.'s Competition Commission.

Mean Fiddler's sale will be seen as a regulatory sweetener, intended to help get its buyout of Academy Music Holdings back on track.

The CC had vetoed an attempt by Hamsard, an investment vehicle controlled by Mean Fiddler parent Live Nation U.K. and Irish promoter Gaiety Investments, to buy Academy unless a number of venues were spun off. The Forum was one of those venues.

The popular music venue began life in 1934 as a cinema. The building, in north London's Kentish Town district, was later developed and renamed the Town and Country Club. Mean Fiddler bought the site in 1993.

The Forum reported revenues of £1.46 million ($2.8 million) and operating profits of £90,000 ($174,000) for the year to Dec. 31, 2006, according to management accounts.

"The Forum has a long historical association with live music, which is at the heart of our business," says Adam Driscoll and Dean James, co-chief executive officers of MAMA, in a statement.

"We are delighted to be adding such an iconic venue to our existing live music division and we look forward to working with the staff and customers of the Forum to ensure its long term prosperity."

The venue will host performances by French electro duo AIR tonight and tomorrow, and a string of sold out dates in the coming weeks, including gigs by the Shins, the View, Maximo Park and Manic Street Preachers.