Vince Power is to relinquish his role as chairman of Mean Fiddler Music Group (MFMG), as the British company makes a strategic shift toward the download market.

Vince Power is to relinquish his role as chairman of Mean Fiddler Music Group (MFMG), as the British company makes a strategic shift toward the download market.

The concert promoter and venues operator today (Sept. 29) announced that it has entered into an agreement to acquire Media Internet Telecom Ltd. from sole owner Richard Clingen. MIT is MFMG's joint-venture partner in digital-music division Mean Fiddler Media, which launched in March.

MFMG is issuing new shares to raise £5.6 million ($10.34 million) for the acquisition.

Mean Fiddler Media has content agreements with Universal Records, BMG, Warner Music and EMI to sell download products via the Internet and mobile-phone platforms. While the company is stepping up its digital business, it will continue with its activities in concert promotion and venue operations.

Meanwhile, Power, who founded MFMG 23 years ago, has sold his stake in the company -- about 35% of the issued share capital -- for about £11.8 million ($21.3 million). He describes the deal as "a landmark transaction in the history of Mean Fiddler."

In an ensuing senior-level executive shuffle, Power will become non-executive director of the London-based company, and will continue to oversee its festival activities. Melvin Benn, group managing director and board member, has exited, while COO Dean James has been promoted to CEO.

Clingen will relocate from Monaco to London to become chairman of MFMG, effective Oct. 1.

MFMG says operating losses before amortization were cut in half to £500,000 ($900,000) in the six months ending June 30, on 35% sales growth to £19.8 million ($35.8 million).

One of the leading players in the British live-music business, MFMG owns such venues as the Astoria, the Forum and Jazz Cafe. The group promotes the Reading and Leeds Carling Weekend and the Glastonbury Festival.