Chrysalis Sells UK Stations
June 25, 2007 at 5:40 AM (PT)
CHRYSALIS is selling its UK radio stations -- national brands AC HEART and Top 40 GALAXY, and LONDON's Talk LBC-F and News LBC-A (LBC NEWS 1152) -- to GLOBAL RADIO, a group headed by former ITV head CHARLES ALLEN and backed by Irish financiers J.P. MCMANUS, JOHN MAGNIER, and DERMOT DESMOND, for 170 million pounds in a deal negotiated by LYDIAN CAPITAL PARTNERS, headed by MICHAEL TABOR, whose son ASHLEY will serve as GLOBAL RADIO's Director.
CHRYSALIS retains its music publishing business but not its CEO, as RICHARD HUNTINGFORD will step down from the post once the radio deal closes. HUNTINGFORD has been with CHRYSALIS since 1987 and was named CEO in 2000.