Chrysalis Offloads Books Business For £12.5 Million

Chrysalis Group has confirmed the sale of its loss-making books division to its management team for £12.5 million.

The sale will see Chrysalis Books become part of the Anova Books Company, formed by the company’s chief executive and other senior managers of the division. The new company will also take on the outstanding debt owed by Chrysalis Books to the Chrysalis Group.

Commenting on the sale, Chrysalis chief executive Richard Huntingford said: “The exit from our loss-making and non-core books division achieves our objective of focusing Chrysalis Group on our core radio and music businesses where we enjoy strong market positions that offer good growth prospects and potential for developing long-term shareholder value.”

The sale is the latest in Chrysalis’ efforts to streamline its business. The company relinquished control of its television business to a management buy-in team in 2003 for £50.8 million (see Chrysalis Makes £45m TV Sale To Former ITV Heads), while last September saw the firm scale down its recorded music operations in order to focus more single-mindedly on its music publishing business.

Chrysalis: 020 7221 2213 www.chrysalis.com