Former Sun editor Kelvin McKenzie has taken the first steps in a flotation of his radio company The Wireless Group (TWG). It is hoped that the move will generate funds with which the loss-making company can repay existing debts and finance further acquisitions and new media developments.
TWG was formed when McKenzie bought out The Radio Partnership last year (see Talk Radio Buys The Radio Partnership). It is made up of talkSPORT, the national commercial analogue radio station, 15 local analogue stations, minority interests in several other stations and a digital presence including 42% ownership of the Switchdigital consortium which won the second digital multiplex licence for London (see Switch Digital Wins Second London Licence).
TWG released a pathfinder prospectus yesterday and pricing of the first issue is expected to take place on 17 May this year. The first day of dealings is expected to be 25 May. MacKenzie said yesterday “Recent acquisition prices reflect the growing value of radio in the UK. In a consolidating market, we have licence headroom for expansion and the placing will allow us to continue to build our presence.”
The Wireless Group: 020 7959 7800
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