Ulster TV buys Mackenzie's Wireless Group

FORMER editor of The Sun, Kelvin MacKenzie, is £7m better off today after an agreed takeover for his Wireless Group, the owner of talkSPORT.

MacKenzie, who failed in his own bid to head a buyout of the business backed by private equity, was unavailable for comment.

But a source close to MacKenzie said: 'Kelvin created the highest circulation tabloid in the UK in The Sun, now he has produced 2.5m listeners for talkSPORT so it has to be highly likely that he will be applying his entrepreneurial skills elsewhere.'

The £98.2m bid from Ulster TV values each share at 91p. Ulster has yet to decide whether to retain MacKenzie, but few in the industry expect him to stay.

MacKenzie owns a 6.4% stake, worth £6.3m at the takeover price. He is on a two-year rolling contract and Ulster would have to pay about £800,000 to get rid of him.

? Chrysalis is paying GCap Media, the merged GWR and Capital Radio, £29.5m for East Midlands-based 106 Century FM.