Chrysalis Makes £45m TV Sale To Former ITV Heads
Chrysalis Group has this afternoon confirmed the sale of its television assets to a trio of former ITV executives, following a preliminary agreement announced in April (see Chrysalis To Sell Television Group To Former ITV Heads).
The TV group includes a number of production and distribution businesses, including Cactus Television and Bentley Productions. After the initial £45.0 million sum, the consortium will pay as much as £5.8 million extra over a period over 36 months, said Chrysalis.
The deal will net more than £13 million in exceptional profits for Chrysalis. Following the disposal, the group will become focused on the media and music sectors.
Commenting on the deal, Richard Huntingford, group chief executive of Chrysalis, said: “For shareholders we are both receiving a full price for Chrysalis Television and making a further important step to becoming a more focused media group, capitalising on our leading positions in music publishing and radio.”
Chrysalis also said that the transaction puts the company in an excellent position to benefit from any opportunities which may arise from the regulatory changes introduced by the new Communications Act.
Shares in Chrysalis Group were up by 1.7% at 213.5p by mid-afternoon today.
