Market welcomes 365 deal

NEWS Shares in content providers Chrysalis and 365 Corp experienced a gentle rise this morning following their decision to pool their UK online resources. The new venture, to be called Newco, will see each company taking a 40 per cent stake. The remaining 20 per cent will be held by management. Between them the companies hope Newco will become Europe's number one internet sports business. Last week Chrysalis revealed the true horror of its new media adventures with a £12.4m profit reduced to a monstrous loss of £16.8m through unsuccessful investments. 365, which runs Football365, edged up six percent to 7.63p by mid morning. Chrysalis gained 1.74 per cent to reach 236p. For more stories on the changing world of web content see the silicon.com web content special http://www.silicon.com/wcttp