Tycoon Desmond To Sell Adult-TV Channels

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Source:   —  April 01, 2016, at 2:54 AM

The owner of the Express newspaper titles is to sell channels such as Television X in the following few days, Sky News understands.

Tycoon Desmond To Sell Adult-TV Channels

The media tycoon Richard Desmond is near to ending his long commercial organization with the adult entertainment industry by selling a grouping of television assets to their management team.

Sky News understands that Mister Desmond'south company, Northern & Shell (north&S), could strike a deal to offload channels including Television X and Ruddy Hot as early as the following few days.

The management buyout transaction is said to be worth less than £1m, reflecting the modest financial contribution made by the adult entertainment channels to the overall revenues of north&S, which owns the Daily Express and OK! magazine.

Mister Desmond'south decision to sell the channels comes twelve years after he disposed of his portfolio of adult magazine titles.

The tycoon became a major player in the UK media industry more than a decade ago when he acquired national newspapers including the Daily Express and Daily Star.

He also made an unsuccessful tender in two thousand-fourth to purchase The Daily Telegraph and its Sun sister title, although he's more frequently been linked with a sale of his newspaper interests in recent times.

A substantial donor to the UK Independence Party before latest year'south Common Election, Mister Desmond also had a financially successful period as the owner of Channel five, the terrestrial broadcaster.

Underlining his combative reputation, Mister Desmond fought a long battle with Camelot, operator of the National Lottery, to launch his Health Lottery, which raises money for health-related good causes.

The motivation for the timing of his decision to sell his adult-TV interests was unclear on Thursday.

The channels are portion of Portland TV, a div of north&S, which has other commercial operations that Mister Desmond is expected to retain.

north&S couldn't be reached for comment.

The deal comes as Playboy Enterprises, the US-based owner of the eponymous magazine and TV channels, explores a potential sale.

Reports latest week said that the company, which recently ditched the publication of bare women in its flagship print title, was working with the investment bank Moelis on an auction.

 

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