The media group, which owns radio stations Heart FM and Galaxy, says it will now focus its new-media activity on its sports website Rivals.net. Chrysalis plans to seek strategic partners for the site in an effort to develop it further.
The company has spent nearly all of a £27m fund raised last year specifically for new-media investments. In July, the company was reported to be considering selling two of the three loss-making ventures it still owns.
It is likely to now go ahead and seek a buyer for Citipages, in which it invested £4m, and Darkerthanblue.com, which has had £3m ploughed into it. Both are now set to run out of money imminently.
While internet prospects remain poor, it is due to report better business from within its radio division when it reports its results for the 12 months to August 31.
Chrysalis says its radio division will show income is up by 16.6% with revenues of £43.4m.
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