The New York Post has asked whether Richard Desmond’s OK! magazine launch is the most expensive magazine in the history of American publishing.
Looking at financials for 2009 it reports that it the US version of OK! has lost $175.7m from its launch in August 2005 to the end of the 2009.
It reports a statement from group editorial director Paul Ashford which puts a different slant on the figure.
He says: “To clarify, we haven’t ‘lost’ $175 million, as you stated, but are proud to have invested $175 million in the magazine over time. This is certainly a suitable amount for a company like ours, with not only the means to do so, but a continued belief in its US product that is now the eighth-best selling magazine [on news stands] in the US.”
Related
In a rare radio interview on Today this morning Desmond mischievously hinted that he would like to buy The Sun from Rupert Murdoch.
Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog
