Chrysalis Visual Entertainment has acquired the 50% it did not previously own of British drama producer Red Rooster.
The deal is part of a drive by Chrysalis Group, a London-based music and media company, to become one of the biggest players in the British indie TV production sector.
Chrysalis reported Friday a pre-tax loss of T14.6 million ($ 21.6 million) on sales of T73.6 million (($ 109 million), thanks to the T15.5 million trading loss and closure costs of its fruit machine business, MAM Leisure, which the company has decided to shutter.
The group’s main remaining business focuses on music and visual entertainment.
On the music side, Chrysalis has established its own record label, Echo — the original Chrysalis label itself was sold to EMI Music four years ago. Pony Canyon, a division of Japanese media group Fujisankei, has agreed to take a 25% stake of Echo.
In the Chrysalis Visual Entertainment division, newly appointed chief exec Michael Pilsworth has been joined by film producer David Puttnam in a non-executive director post. Red Rooster, now a wholly owned Chrysalis subsid, will continue to be run by Stephen Bayly and Linda James.