Desmond Hunts TV And Radio Deals

Express owner Richard Desmond is looking to make acquisitions in television and radio, with the backing of up to £1bn from a German bank.

Desmond, whose acquisition of the Express group last year (see Gossip And Girlie Publisher Takes On Express And Star) caused shockwaves initially due to the idea of a pornography publisher owning a national newspaper and subsequently due to his hardline cost cutting and the resulting exodus of staff (see Desmond’s Ongoing Cost Cuts Could See Express Journalists In For The Chop), expressed the desire to expand his media holdings in an interview with the Financial Times today.

He intimated that three potential deals were in the offing, which would be financed by Commerzbank, which lent him the money for last year’s newspaper purchase. Since the acquisition, the Express titles have continued to experience falling circulation, however Desmond is believed to have made considerable progress in cutting the level of debt at the group.

He told the FT that he had no intention of floating his privately owned company, Northern & Shell, as at the moment there is “no need to.”

Financial Times: www.ft.com Northern & Shell: 020 7308 5090

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