Kelvin MacKenzie’s fast-expanding radio company, the Wireless
Group, has announced its intention to float and has appointed West LB
Panmure to act as advisor and broker.
The flotation, which could value the company at between pounds 170
million and pounds 200 million, will enable the Wireless Group to
continue its aggressive acquisition strategy. The company has been
expanding rapidly recently with acquisitions including the pounds 47
million purchase of the Radio Partnership and the pounds 22 million
acquisition of the Independent Radio Group. It has added 11 fully owned
and seven partly owned stations across England, Wales and Scotland to
its portfolio.
As well as further acquisitions, MacKenzie plans to add new revenue
streams by developing the group’s new-media offerings.
The Wireless Group was established last year out of TalkCo Holdings, the
consortium put together by MacKenzie to acquire Talk Radio from CLT-Ufa
in November 1998.
MacKenzie said: ’This is an exciting time for the Wireless Group and the
radio industry as a whole. With one of just three national commercial
analogue licences and a host of local stations, the Wireless Group has
successfully established a significant presence in the UK radio market.’
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