Chrysalis, the owner of Heart FM, is considering the disposal of its radio business. Although the company has been under pressure from Schroders Investment Management, one of its biggest shareholders, to demerge the unit and focus on music publishing, the news will surprise many in the City.
The Chrysalis management, led by Chris Wright, its founder, chairman and biggest shareholder, has resisted calls for a disposal of the radio assets for some time and the recent recovery in the sector was thought to have taken the pressure off them.
Earlier this month, Chrysalis, which is Britain's third biggest radio owner, boasted that its flagship Heart FM station was the undisputed market leader in London. Listening figures showed its audience share for popular DJs such as Jamie Theakston and Harriet Scott had risen to 7.1 per cent compared with the rival Capital FM's 4.7 per cent.