Desmond Pawns Adult Magazines For Telegraph Bid
Richard Desmond, owner of the Express Newspaper Group, has sold off his soft porn titles for an estimated £20 million in an attempt to improve his chances of buying the Daily Telegraph.
It is understood that Desmond feared his ownership of magazines such as Asian Babes and Big Ones might work against him if media regulators ruled on whether he could buy the newspaper assets of Hollinger International.
Communications watchdog Ofcom would have to consider Desmond’s editorial standards and his behaviour as a proprietor if his bid for the Telegraph titles proved successful. In the past the media mogul has been branded a pornographer for his ownership of the portfolio of top-shelf magazines.
Desmond vowed to get rid of the magazines when he acquired the Daily and Sunday Express for £125 million in November 2000. The publisher made it clear that he wanted £20 million for the titles, but nothing came of the attempted sale.
The portfolio of 45 adult magazines has been bought by Remnant Media, a private company owned by former Daily Mirror executive Simon Robinson and his partner Aroon Maharajh, who were responsible for the Music Unsigned website.
The sale is being seen as an attempt by Desmond to improve his chances of success in the battle for the Daily and Sunday Telegraph. The auction has been thrown open to a number of interested parties after a US court ruled that Lord Conrad Black’s £260 million deal with the Barclay Brothers was invalid (see US Court Blocks Sale Of Hollinger To Barclay Brothers).
Desmond looks likely to face stiff competition from Lord Rothermere’s Daily Mail & General Trust, as well as from venture capitalists 3i, private equity group Candover and City brokerage, Collins Stewart (see Rival Bidders Prepare To Move On Telegraph Titles).
However, the Express-owner is understood to have ruled out selling his Fantasy Channel television business. His range of adult channels are due to appear on Top-Up TV, a subscription venture that is launching on the Freeview service later this month.
Express Newspapers: 020 7928 8000
Recent Newspaper Stories from NewsLine Daily Mirror Coverprice To Rise As Group Profits Increase News International Extends Sale Of Tabloid Times Telegraph Secures Wella To Sponsor Advertorial
Subscribers can access ten years of media news and analysis in the Archive