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Chrysalis new media investment returns to haunt results

It seemed like a good idea at the time...

By Joey Gardiner

Published: 22 November 2001 14:10 GMT

Media group Chrysalis has had its latest set of results mauled by the bursting of the dot-com bubble.

The company reported a healthy profit of £12.4m despite the downturn in the media industry, provided it ignored its new media properties. However, if it includes the new media investments in the sums the firm is left with a gaping £16.8m loss.

The firm has been forced to write-off the investments it made in a number of websites and new media ventures to the tune of £9.4m. With ongoing losses for new media operations included, this brings the cost to the group to £22.4m in the quarter.

The money to fund the write-offs will come from shareholders' cash, raised last year for the very purpose of funding new media expansion.

As announced in September, Chrysalis will now concentrate its new media section on just one website, sports portal rivals.net.

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