In 2003, former Granada chief executive Steve Morrison bought Chrysalis' TV business for between 拢35m and 拢40m. Wright said at the time Chrysalis wanted to concentrate on its interests in radio, including Heart and Galaxy FM.
The move to buy a 60% controlling stake in Portman TV and Film has angered TV executives because the condition of the sale of Chrysalis' TV assets was that the company was not allowed to launch a rival business for three years.
However, the deal is expected to go through because Wright is the sole investor in Portman deal and not Chrysalis.
According to a report in the Financial Times, a source close to the deal said: "This is a personal investment and not connected to Chrysalis in any other way. Chrysalis is not re-entering the TV business."
Wright will become chairman of Portman and has drafted in Jeremy Fox, founder of Action Time and former president of Australia's Channel Nine, as its new chief executive.
Tim Buxton, who handles the television side of Portman, is set to leave the new consortium while executive Tristan Whalley, who manages the film side of the production company, will stay.
Chrysalis' 拢40m TV arm made programmes for ITV such as 'Midsomer Murders', 'Ultimate Force' and Formula1 coverage, which all had long-running contracts. On Channel 4, Chrysalis was behind 'Richard & Judy'.
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