Daily Express owner Richard Desmond has sold his adult TV channels in a six-figure management buyout deal, severing his links with the adult entertainment business.
The deal means that Northern & Shell, Desmond’s parent company for his media assets, has also moved completely out of the TV business, as it follows the sale of Channel 5 to Viacom for £463 million two years ago.
Portland Television, which was set up in 1995, is made up of Televison X, Red Hot and three other adult channels which are broadcast on Sky, Freeview and Virgin Media.
According to Northern & Shell, Portland Television made up less than two percent of Northern & Shell revenues over the past three years.
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Portland TV’s managing director Chris Ratcliff has led the management buyout.
The deal means that Desmond, who also owns the Health Lottery, has now no involvement in the adult entertainment business, as he sold his adult magazines including Asian Babes in 2004.
Last year, Trinity Mirror confirmed it was in discussion to acquire Express Newspapers, the umbrella company for the Daily and Sunday Express. However the discussions did not lead to an eventual sale.
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