Chrysalis - the not so super pupa

Media firm Chrysalis is to abandon all its new media investments in a move which will cost £9.6m.

Chrysalis's share price fell 14 per cent on the news, which was released to the stock market this morning alongside revised earnings estimates.

Chrysalis, which as a record company proved its commercial acumen by signing the likes of Blondie and Madness in the 1980s, has been less successful in the internet space.

The move will leave Chrysalis with no internet interests except rivals.net, a popular sports portal. Chrysalis said it will earmark all remaining money previously set aside for new media projects to support rivals.net.

The move will mark the end of Chrysalis funding for three businesses - failed internet radio station Puremix, Citipages and black music portal Darker Than Blue.