Media In The City: Chrysalis Sells Radio Division

Last week Chrysalis announced that it is to sell its radio division to Global Radio, an investment vehicle chaired by the former head of ITV Charles Allen.

The £170 million deal will, said Chrysalis, see the company make a £95 million profit (Full Story).

Menwhile, with News Corp apparently close to finalsing a deal for Wall Street Journal owner Dow Jones (Full Story), Pearson came under pressure to sell off the Financial Times.

According to reports, shareholders would rather the company sold the FT than go head-to-head with a Rupert Murdoch controlled Wall Street Journal (Full Story).

Also in the news, Aegis acquired the ad-serving business bluestreak.com for $12.5 million (Full Story), BBC Worldwide announced record pre-tax profits of £111.1 million (Full Story), and Trinity Mirror announced that its group advertising revenues are expected to fall by 1.5% (Full Story).

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