Chrysalis has reported a 9 per cent drop in advertising revenues, for the six months to Feb 28th, in a trading statement released today. The company is also struggling to find buyers for its radio stations at an asking price of £200 million, according to reports.
Chrysalis chairman Chris Wright said this morning: "UK radio advertising continued to experience challenging conditions in the first half of the current financial year, but there have been some early signs of an improving trend over recent months. Revenues for Chrysalis Radio for the first six months of the 2007 financial year fell by 9.1%, which we believe to be in line with radio advertising overall."
It is thought the company wants to split its radio and music divisions, or seek a merger for Heart, Galaxy and LBC, but no updates have been provided today.
LINK: [link=http://www.chrysalis.com/news_db/Chrysalis%20Interim%20Results%202007.pdf]Trading Update[/link]
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