Chrysalis Unveils Web Strategy

Radio and Television group Chrysalis has placed shares to raise an estimated £26.8 million as part of its ongoing strategy for investment in new media projects. One and a half million new ordinary shares have been placed with the hope of taking stakes in up to ten net start-up companies.

The money will initially be used to develop the group’s existing web assets which include Chrysalis Radio Online, which launched in September last year (see Chrysalis Radio Launches On The Net), and the formation of a joint venture with sports network, rivals.com, with the intention of building the largest online network of sports team sites in Europe, expected to launch in mid-2000.

Managing director of the group Richard Huntingford said: “This is a particularly exciting area of development for Chrysalis. Given the breadth and quality of our existing assets and marketing skills, we are ideally placed to build start-up and early stage new media/internet businesses into value-creating investments for Chrysalis shareholders.”

Chrysalis: 020 7221 2213