Radio success gives new Heart to Chrysalis boss
Sunday 13 October 1996
Instead of bringing shareholder pressure to bear on Mr Wright, the revolt has been followed by a rise in the shares from 502.5p to 517.5p, as investors gained their first glimpse of how Chrysalis's new London radio station, Heart 106.2, is doing.
The market was expected to react with dismay when Viscount Chandos of Aldershot, the banker, and film producer Sir David Puttnam, famous for Chariots of Fire, The Killing Fields and Midnight Express, resigned complaining of Mr Wright's allegedly autocratic rule.
The dissidents also criticised the delay in appointing a managing director, a post finally filled by Philip McDanell last week.
Mr Wright's other interests - including Queen's Park Rangers FC and Wasps rugby club - made it impossible for him to devote enough attention to Chrysalis, they argued.
Viscount Chandos said this weekend he hoped Mr McDanell's appointment would address his criticisms. The move by Mr Wright does not, however, seem to have been spurred by shareholders, who were impressed by his latest venture into broadcasting.
The last time Chrysalis came under scrutiny, with a pounds 2.9m interim loss in May, Heart was barely six months old, too young to be evaluated properly .
Now in just a year it has captured 3 per cent of the London market, compared to Capital Radio's 20 per cent after two decades. Classic FM, broadcasting for four years, has only a 3.2 per cent share of its, admittedly larger, potential market.
Both Heart and Capital are aiming at 25-to-44 year olds, whose high incomes draw advertisers strongly.
Heart 106.2's success is patterned on that of sister station Heart FM, in the West Midlands, which in turn mirrors the most popular American formula: "Adult Contemporary" playing pop hits of the '70s, '80s and '90s from acts such as Elton John, Cher and Wet Wet Wet. It has less chat than Capital and does not pay for big-name DJs. Chrysalis's third station, Galaxy, serves Bristol and Cardiff.
Chrysalis's main cash generators are still TV production and music recording and publishing.
- 1 Planes go hybrid-electric in important step to greener flight
- 3 Antonio Martin shooting: Mayor says there should be 'no comparison' to Ferguson
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...