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The approach from 3i, the venture capital group, comes a year after Lord Alli was forced to walk away from his £100 million attempt to buy Virgin Radio from Scottish Media Group.
The Labour peer, who founded Planet 24 and The Big Breakfast TV show, was born in 1964 in South London to a Trinidadian nurse and a Guyanese mechanic. He was educated at the area’s Norbury Manor School and left school after his O levels.
He got his first job, at the age of 16, as a £40-a-week researcher on a magazine before going to work for Robert Maxwell’s publishing empire. A stint in the City followed, but he was soon bored and linked up with Charlie Parsons, a television producer, and later Bob Geldof, to make television programmes.
An outspoken champion of gay rights, Lord Alli became the youngest and first openly gay peer when he was given a life peerage in 1998, aged 34. He became chairman of Chorion in 2003, and is also chairman of the fashion group ASOS.
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