A News Corp spokesman said the company had not agreed to sell its shares but was considering the proposition.
News Corp's 24.5% stake in the company is exceeded by rival Liberty Media's 26.7%. It is not clear how receptive Liberty, led by John Malone, is to the proposition. MacKenzie, the chief executive and chairman of TGW, owns 6.4% of the company.
The news leaves MacKenzie and private equity firm Veronis Suhler Stevenson vulnerable to being trumped by a rival bid.
TWG's board has agreed with MacKenzie not to invite bids from other companies until March 21. However, other bidders may apply of their own volition.
Analysts have identified Chrysalis as the most likely second bidder.
Chrysalis owns London talk radio station LBC, which would fit with TWG's talk station portfolio. It recently bid £100m for Guardian Media Group's radio stations but was rebuffed.
TWG's shares rose to 94p at yesterday's close -- above the bid valuation of 90p a share -- as the market gambled on a rival bidder emerging.
TWG owns national station TalkSPORT as well as 16 local radio stations. It will begin broadcasting in Edinburgh later this year after winning the city's FM licence in December and it has also submitted a bid for the Manchester FM licence.
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