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Former ITV boss snatches up cluster from Chrysalis

W

WhiskeyRobber

By Emma Thelwell, Online City Reporter

The former boss of ITV, Charles Allen, is making his business comeback in a £170m purchase of a cluster of radio stations, including Heart and Galaxy, from Chrysalis.

Chrysalis is selling its radio stations business, which also counts LBC in its portfolio, to Global Radio, a company chaired by Mr Allen and backed by Irish tycoons JP McManus, John Magnier and Dermot Desmond.

The sale comes as radio businesses continue to struggle as more advertisers migrate online and competition in the industry increases. Chrysalis will now focus on its music publishing business, Chrysalis Music, which includes The Echo Label and Lasgo Chrysalis.

The business owns 65,000 music publishing copyrights, including "evergreen" performers such as David Bowie and Blondie, to current chart acts including Gnarls Barkley and David Gray.
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The deal by Global Radio marks the first venture by Mr Allen since his departure from ITV last August.


http://www.telegraph.co.uk/money/ma...CBQ0IV0?xml=/money/2007/06/25/bcnchrys225.xml
 
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