The Week: City News - Chrysalis sells radio arm

Chrysalis is to sell its radio division, including Heart, Galaxy and LBC, to a consortium backed by the former ITV chief executive Charles Allen.

The newly created investment company Global Radio has paid £170 million for the channels, a price that yields a £95 million profit for Chrysalis, taking into account the £75 million it has invested in radio in the 13 years since it launched Heart.

The Chrysalis chief executive, Richard Huntingford, will leave the company once the deal has gone through.