Wireless Group Set For Floatation

Kelvin MacKenzie is preparing to list his Wireless Group radio network on the London Stock Exchange in a float which could value the company at up to £200 million. West LB Panmure has been appointed to broker to the float, set to take place in June.

The Wireless Group was formed by MacKenzie, its chief executive, after his TalkCo consortium acquired Talk Radio in October 1998 (see TalkCo Settles With CLT On Price For Talk Radio). Since then TalkCo, backed by News International and LMC Radio, has made number of acquisitions to build the Wireless Group. Recent purchases include the Radio Partnership (see Talk Radio Buys The Radio Partnership) and the Independent Radio Group (see Talk Radio Buys IRG). MacKenzie also recently relaunched Talk Radio as TalkSport, a 24-hour sports station targeting a male audience between the ages of 25 and 54 (see Talk To Launch UK’s First Sport Station).

MacKenzie himself holds a 7% stake in the Wireless Group, which is currently the fourth largest radio network in the UK. The group as a whole takes an average weekly audience of around three million, according to the December 1999 RAJAR figures. MacKenzie plans to initially float 25% of the company in order to secure funds for additional acquisitions and digital investment.

TalkSport: 020 7959 7800