U.S. News

U.K.'s Chrysalis Mulling Sale of Radio Business


British media company Chrysalis Group said on Monday it was considering the sale of its radio and music business as part of a full review into the division's future that would look at all options.

"The valuable market positions we have created at Chrysalis Radio, coupled with the ongoing consolidation in UK radio, suggest that now is an appropriate time to consider a formal review of our strategic options in this area," Chrysalis Chief Executive Richard Huntingford said in a statement.

He said the review will be wide-ranging and will assess all options that can deliver maximum value to Chrysalis shareholders, including a potential demerger of the radio and music businesses.

Chrysalis, whose Heart 106.2 station is London's most popular commercial station, said the company was performing in line with expectations.

Chrysalis shares closed at 157 1/4 pence on Friday valuing the company at 263.92 million pounds.