We present the results of the first multiwavelength observing campaign on the high-mass X-ray binary LS I +61 303, comprising observations at the TeV regime with the MAGIC telescope, along with X-ray observations with Chandra, and radio interferometric observations with the MERLIN, EVN, and VLBA arrays, in 2006 October and November. From our MERLIN observations, we can exclude the existence of large-scale (~100 mas) persistent radio jets. Our 5.0 GHz VLBA observations display morphological similarities to previous 8.4 GHz VLBA observations carried out at the same orbital phase, suggesting a high level of periodicity and stability in the processes behind the radio emission. This makes it unlikely that variability of the radio emission is due to the interaction of an outflow with variable wind clumps. If the radio emission is produced by a milliarcsecond scale jet, it should also show a stable, periodic behavior. It is then difficult to reconcile the absence of a large-scale jet (~100 mas) in our observations with the evidence of a persistent relativistic jet reported previously. We find a possible hint of temporal correlation between the X-ray and TeV emissions and evidence for radio/TeV noncorrelation, which points to the existence of one population of particles producing the radio emission and a different one producing the X-ray and TeV emissions. Finally, we present a quasi-simultaneous energy spectrum including radio, X-ray, and TeV bands. Based on observations made with the MAGIC telescope, the Chandra X-ray Observatory, and the MERLIN, EVN, and NRAO VLBA arrays.