Chrysalis has reportedly entered into talks with Irish private equity firm Lydian Capital over the sale of its radio business.
It is thought that the deal, estimated to be worth between £170 million and £180 million, could be completed by the end of the week.
Lydian Capital, in exclusive discussions to buy the radio business, is a Swiss-based investment vehicle chaired by Irish entrepreneur Denis Brosnan, and backed by Irish businessmen JP McManus and John Magnier.
In February Chrysalis announced a review of its radio business to examine whether it should be sold. However, a report from the FT in April claimed that there had not been much concrete interest in the Heart and LBC parent (see Little Interest In Chrysalis Auction).
In May, Chrysalis chief executive Richard Huntingford said the company had received “a range of different proposals and within those a number of offers”.
Also last month, Chrysalis announced a 9.1% decline in radio revenues for the six months from September to February 2007 (see Chrysalis Radio Revenues Decline).
Related Links
