It is understood that Richard Desmond, owner of OK Magazine publisher Northern & Shell, is planning to float the business, along with his Portland Investments group, to raise up to £500 million. Desmond’s two publishing groups produce a number erotic magazines and gay title Attitude; he also has a deal with Carlton Television to produce the masthead TV programme, OKTV (see ITV To Launch OK Masthead).
It is reported that Northern & Shell will be merged with Portland Investments so that the combined group can be floated as a single entity. The group is also understood to be keen to develop its new media interests, as this currently meets with a very positive reaction from the City.
OK Magazine posted a very strong circulation in the July-December 1999 ABCs, with sales rising 37.7% year on year to just over 550,000. Its arch-rival, Hello, saw sales drop to below the half a million mark over the same period.
Northern & Shell: 020 7308 5090
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