Internet and telecommunications company 365 is merging its online activities with the internet division of media company Chrysalis to create a sports joint venture.
The two groups are splitting off their internet arms in a move to cut costs and improve chances of profitability.
365 owns the Football365 Web site, while Chrysalis owns Rivals.net, an independent network of sites run by sports fans.
Chrysalis and 365 will retain significant but non-controlling minority interests of 40 per cent each and the new company's management will hold a 20 per cent stake.
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