Institutional shareholders at Chrysalis are warning the radio and publishing company against pursuing its interest in the radio assets of Guardian Media Group. Chrysalis is anxious to bolster its radio division - which includes LBC Radio and Heart - to close the gap with the market leader, the recently merged Capital Radio and GWR. The company confirmed that it was considering making a formal offer for GMG's radio division, which includes Jazz FM. Chrysalis is thought to believe the division is worth around £110m.
