Following the sale of the Chrysalis radio stations to Global Radio in July for £170m, the Chrysalis Group is continuing to trade as a music company, concentrating on music publishing, recording and wholesale distribution. Today they have released their latest trading update.
Following the sale of Chrysalis Radio, Chrysalis Group Plc remains on track to return between £90m and £100m to shareholders at the end of the fourth quarter of the current calendar year. The new executive management will comprise Chris Wright as executive chairman and Jeremy Lascelles as chief executive. Andy Mollett, who recently joined Chrysalis Music, as CFO of the music division from EMI Music Publishing UK, will assume the role of group finance director from 1 February 2008, taking over from Michael Connole.
The company said today: "The Chrysalis Board believes that the music publishing business model remains a robust one in the digital age and is encouraged by the recent developments that recognise the key role that music plays in many of the entertainment and social networking sites that have become such significant players in the on-line world.
"The recent landmark agreement with YouTube, which paves the way for publishers to earn royalties in the future from social networking sites, is one such example. In the meantime, the Board will continue to monitor the performance and positioning of Chrysalis Music in what remains a dynamic and changing marketplace."