Former United Business Media chief executive, Lord Hollick is taking a high profile position at US private equity group Kohlberg Kravis Roberts (KKR), with the aim to put the US company on the map in British and European media.
In his new role as managing director of KKR, the labour peer has highlighted the idea of making bids in which existing shareholders are offered a minority interest if they let the entrepreneur take over.
Hollick has already expressed an interest in buying ITV shares and thinks shareholders would be very happy “to sell out” but “only at a very high price”. However, when asked about trying to get hold of the Daily Mirror he cited the price of the shares “going to levels that are hard to justify” as a problem.
Hollick turned down the chance to chair a FTSE 100 company in favour of the five day a week role with KRR saying: “private equity plays to my strength in identifying business opportunities, consolidating certain businesses and in backing new ideas.”
Lord Hollick recently resigned as chief executive from United Business Media, where he had spent just over 30 years. He will be succeeded by David Levin (see United Business Media Announces New Chief Executive), chief executive of Symbian who will take over after the annual company meeting in April.
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