The media companies plan to transfer their internet content business into a new company, which will then run sites such as Football365 and Rivals.net, currently owned by Chrysalis.
The deal will create Europe's biggest digital sports company, and is expected to be completed by the end of this year.
The new company will have operating funds of £2m -- enough to support it for the next 18 months, according to a statement released by 365 Corp. It will also have a sum of £250,000 available for acquisitions.
Chrysalis has suffered heavy losses with its internet investments, despite the popularity of sites such as Rivals.net, which is the number one sports website in the UK.
The move on the part of 365 Corp follows the closure of a number of its online properties earlier this year, including Music365, as it concentrates on its telecoms operation and Eckohtech.
Ekohtech comprises two businesses, one providing premium-rate phone services and the other is its voice portal Eckoh.
Earlier this month, 365 Corp signed a deal to partner with Virgin Mobile to provide its 1.25m customers with voice-activated information, entertainment and commerce services using Eckoh, which allows users to access number of content services by phone.
The new company will also include 365 Corp's sites Planet Rugby, Cricket 365 and Planet-F1.
Martin Turner, CEO of 365 Corp, said: "Following the completion of this transaction, we will continue to focus our efforts on developing our telecommunication assets and technology."
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