Radio and music giant Chrysalis Group has raised more than £1.6 million through the sale of its 50% stake in recording studio firm, Air Studios.
Selling the business to independent recording studio operator Strongroom Ltd, the move is designed to enable Chrysalis to focus on its more profitable businesses within the radio and music sectors.
The sale was made at book value, and will therefore have no impact on Chrysalis’ results for the current year the company said today.
The remaining 50% stake in Air Studios will be sold by Chrysalis’ former venture partner Pioneer GB to Air Holdings with the deal subject to further payment if the studio firm or its property are sold on within the next three years.
The sale is the latest by Chrysalis, which has slimmed down its non-core interests in recent months. November 2005 saw the company confirm the sale of its loss-making books division to its management team for £12.5 million (see Chrysalis Sells Books Division For £12.3 Million).
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