Venture Capitalist 3i Puts Money Where Mac's Mouth Is

31 March 2005

Kelvin MacKenzie, the trumpet-mouthed former editor of Rupert Murdoch's best-selling UK tabloid The Sun, has emulated the Fred Astaire/Ginger Rogers classic song.

Following the sudden retreat by US private equity group Veronis Suhler Stevenson from Mackenzie's buyout bid for The Wireless Group - the Murdoch/Malone owned UK radio minnow of which he is ceo [WAMN: 01-Mar-05] - Mac has "picked himself up, dusted himself down and started all over again".

And continuing in best Broadway style, he's also heeded Irving Berlin's advice:

If you're blue and you don't know where to go to
Why don't you go where fashion sits
Puttin' on the Ritz.

Puttin' up the money (and likely the Ritz as well) is MacKenzie's latest dancing partner, the UK venture capital firm 3i, which will need to drum up cash to the tune of £100 million ($187.5m; €145.2m).

It is understood that a joint bid is imminent, although Mac is uncharacteristically silent - as is his 3i backing chorus.

Data sourced from; additional content by WARC staff