Storm offered a port

Richard Thompson, the media and football entrepreneur, is set to reverse his media holdings into Storm Group, the animation development company, following the announcement of pre-tax losses of £1.85m and continuing operational losses of £358,000. He proposes the new company will be called Caspian.

Mr Thompson took over the chairmanship of Storm earlier this year following the departure of the charismatic and controversial founder, James Driscoll. In spite of two rights issues, trading at Storm has never met high expectations and the shares have foundered from their flotation price of 100p to a new low yesterday of 5.5p, down 0.5p.

Mr Thompson hopes to use a greatly reduced group as a vehicle for his media ambitions. He already owns two programmes - A Question of Sport and Saint and Greavsies World of Sport - as well as a celebrity broking service and a bloodstock magazine. These interests will be acquired by Caspian and he hopes to expand into new areas.