Media group Chrysalis suggested today it may have turned the corner after a tough year saw it slump nearly £30m (€44.6m) into the red.

British media group Chrysalis offloaded its books division today by sealing a £12.5m (€18.5m) deal with managers of the loss-making business.

UK media group Chrysalis today said listeners defected from its radio arm in the final quarter of 2004, but claimed the worst of a downturn in advertising was over.