MacKenzie Raises Highbury Stake To 20%

Former editor of the Sun newspaper, Kelvin MacKenzie, has raised his stake in publisher Highbury House Communications to nearly 20%.

According to industry reports, yesterday MacKenzie bought 15,500,500 ordinary shares in Highbury, bringing his stake in the company to 19.82%.

The move will fuel speculation that MacKenzie is preparing to install himself on the board at Highbury, with rumours he is interested in the chief executive position (see MacKenzie Scoops Holdings Of Almost 15% In Highbury).

However, such a move would uproot the succession plan already agreed by Highbury’s board. The company is currently on track to appoint Mike Frey to the chief executive role, promoting him from his existing role as managing director of Highbury Entertainment.

MacKenzie’s growing influence over Highbury follows his failed bid to secure control of The Wireless Group earlier this year.

The radio firm was eventually purchased by Ulster Television (UTV) in May, which swooped on the broadcaster with a bid worth just over £98 million. UTV’s triumph saw MacKenzie leave with a payoff of around £7 million for his 6.4% stake in the firm and severance payments.

Highbury House Communications: www.hhc.co.uk