11/09/2001
Chrysalis set to concentrate on rivals
The Chrysalis Group has announced that following a detailed review of their New Media activities, the Board has decided to concentrate its remaining New Media ‘ring fenced funds’ solely on Rivals, the sports network.
Chrysalis has said that they would write off £10 million in new media losses and curtail their new investment in the internet.
At the same time, Chrysalis are seeking strategic partners to further develop the Rivals business into new territories and onto new digital platforms.
Currently, the website has over one million users and 45 million monthly page impressions.
The write-off will be shown in Chrysalis’s full-year results which are to be published in November, widening the £5.6 million pre-tax losses reported in the six months to February 28.
As a consequence of the detailed review, the Board has given careful consideration to the carrying value of the Group’s investment in New Media and, in light of current market conditions, anticipates making a full provision against all investments.
The Chrysalis Group holds the position of being the only public company in the UK to incorporate within its businesses five key media sectors: radio stations; music publishing and recording; visual entertainment and television production; media products and book publishing and new media.
Its strategy is to create an integrated, predominantly rights-based independent media group that is acclaimed as one of the leaders in its fields. (CD)
Chrysalis has said that they would write off £10 million in new media losses and curtail their new investment in the internet.
At the same time, Chrysalis are seeking strategic partners to further develop the Rivals business into new territories and onto new digital platforms.
Currently, the website has over one million users and 45 million monthly page impressions.
The write-off will be shown in Chrysalis’s full-year results which are to be published in November, widening the £5.6 million pre-tax losses reported in the six months to February 28.
As a consequence of the detailed review, the Board has given careful consideration to the carrying value of the Group’s investment in New Media and, in light of current market conditions, anticipates making a full provision against all investments.
The Chrysalis Group holds the position of being the only public company in the UK to incorporate within its businesses five key media sectors: radio stations; music publishing and recording; visual entertainment and television production; media products and book publishing and new media.
Its strategy is to create an integrated, predominantly rights-based independent media group that is acclaimed as one of the leaders in its fields. (CD)
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