Concert king falls flat with £10m loss

THE British arm of the world's biggest promoter of live music, which is set to take a major stake in the company behind the Glastonbury Festival, has recorded a £10m loss.

Clear Channel UK, part of US giant Clear Channel Entertainment, claimed a world record last year for the highest grossing concert at a single venue.

Three nights in Hyde Park, London, with the Red Hot Chili Peppers generated more than £9m from an audience of 258,000.

But its fortunes were less bright in 2003. Accounts just filed show that Clear Channel UK made an operating loss of £3.7m. After interest and tax, the business was left with a £10.3m loss against a profit of £5.7m in 2002. Turnover was up 15% on the previous year at £192.7m.

Clear Channel Entertainment has promoted international tours by Janet Jackson, Madonna and Rod Stewart and owns 1,200 radio stations and 39 TV stations. In Britain, it runs the Manchester and Hammersmith Apollos and the Lyceum and Dominion theatres in the West End of London as well as regional venues. It also promotes live events.

Clear Channel linked up this month with MCD Productions of Dublin to buy a 34.9% stake in Vince Power's Mean Fiddler Music Group, organiser of the Glastonbury and Reading festivals. The move could lead to a full bid for Mean Fiddler.