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.

Become a member of Campaign from just £46 a quarter

Get the very latest news and insight from Campaign with unrestricted access to campaignlive.co.uk ,plus get exclusive discounts to Campaign events

Become a member

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now

Partner content