Chrysalis New Media has announced its intention to increase its investment in sports portal Rivals.net. Its current 25% stake in the European arm of the US-based group will be increased to 90.1% for a $2m fee.
Rivals.net launched in August this year as a fan-based online sports network featuring over 300 independent websites covering a range of sports including football, rugby, football and Formula 1. Unaudited first month statistics show it recording an average 500,000 page views per day, taking it into the top 5 European sports internet properties.
Lisa Gordon, CEO of Chrysalis New Media, said: “Rivals.net has just recently launched and is already delivering traffic and revenue in excess of our forecasts. We have been developing the business within the group infrastructure for more than a year and we have now realised our ambitions of owning this business which, we believe, will generate significant shareholder value in the foreseeable future.”
The group has the option of owning the remaining 9.9% stake in the future.
Chrysalis: 020 7221 2213
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