UK radio stations sold in £170m deal

Radio stations including Heart and Galaxy were sold for £170m (€253m) today in a deal involving former ITV chief executive Charles Allen.

Chrysalis, which owns the stations along with London’s LBC, has conditionally agreed to sell its radio arm to investment vehicle Global Radio, which is chaired by Mr Allen and includes backing from Irish tycoons JP McManus and John Magnier.

The disposal leaves Chrysalis with its music publishing business, home to artists including Gnarls Barkley, the Dixie Chicks and Mariah Carey.

Chrysalis chief executive Richard Huntingford plans to concentrate on growing the publishing operation following the sale of the radio stations.