It is just over two weeks since MacKenzie first moved on the company, acquiring 14.75% of its stock in two transactions. His purchase yesterday accounted for 15.5m shares.
He has not commented on his interest in the company, which has seen its stock market value fall after its aborted sale to rival publisher Future earlier this year.
If Mackenzie does win control of the company he will gain ownership of titles including men's magazine Front, film title Hot Dog, Total DVD, DVD World, Play and Practical Woodworking and a number of lower-profile leisure and special interest titles.
Industry watchers believe that MacKenzie hopes to win control of the company and land the position of chief executive. If he builds his stake to 30% or above, stock market rules would compel him to make an offer for the whole company.
The market announcement drove Highbury shares up as high as 3.2p this morning from 2.83p at yesterday's close. In the days prior to MacKenzie's first purchase, the company's share price was hovering just below 1p.
Highbury is restructuring under current chief executive Mark Simpson, who intends to switch to deputy chairman on September 30, with current Highbury Entertainment managing director Mike Frey succeeding him.
Simpson recently closed home interest titles Home and Inspirations, and sold off Real Homes to Hachette Filapacchi for £500,000.
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