British media group Chrysalis offloaded its books division today by sealing a £12.5m (€18.5m) deal with managers of the loss-making business.
The move will enable Chrysalis to focus on its core operations of UK radio stations, including Heart and Galaxy, and its music publishing arm.
Chrysalis Books, which made losses of £2.8m (€4.1m) in the 12 months to August last year on turnover of £27.4m (€40.5m), has published novels by actress Joan Collins and former British Conservative Party leader Iain Duncan Smith.
It is being bought by Anova Books Company – a company formed by Robin Wood, who is the chief executive of the books division, and senior managers.
In addition to fiction, the London-based business also covers lifestyle, crafts and hobbies, mind, body and spirit, maritime, popular history and sport.
Among its imprints are Collins & Brown, National Trust Books, Putnam Aeronautical Books, Batsford, Brassey’s and Sterling.