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Richard Desmond gets out of Porn. - Printable Version

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Richard Desmond gets out of Porn. - Real Punter - 04-04-2016

Richard Desmond has sold his adult TV business, including the Television X and Red Hot channels, severing his last link with the adult entertainment industry that helped the Daily Express and Daily Star owner make his fortune.
Desmond’s company, Northern & Shell, announced on Friday it had sold its adult broadcasting arm, Portland Television, in a management buyout worth less than £1m, 12 years after he sold his adult magazines.
The deal also marks Desmond’s complete exit from the UK television industry following the sale of Channel 5 to Viacom for £463m in 2014.

Portland – a five-strong stable of two subscription channels, Television X and TV XXX, and three pay-per-night channels, including Viewers’ Wives and Red Hot – contributed less than 2% of Northern & Shell’s group revenues over the last three years.
Desmond sold his adult magazine titles including Asian Babes and Big Ones for around £20m in 2004.

Today’s deal was signed off between Northern & Shell and Portland TV’s current managing director, Chris Ratcliff, in what was described as a “six-figure deal”.
Northern & Shell also includes OK! magazine and is home to Desmond’s Health Lottery.

Desmond and his top executives enjoyed a £100m bonanza following the sale of Channel 5, with an almost tenfold increase in pre-tax profits to more than £330m in 2014.
Ratcliff, who has worked in the regulated adult sector for over 20 years, was involved in the launch of Portland TV’s Television X in 1995. He rejoined the company eight years ago and has been its managing director since 2013.
Based in London’s Docklands, Portland TV also operates two on-demand online services, and Its channels are available on Sky, Freeview and Virgin Media.
Portland TV had other assets including broadcasting facilities but these were sold off with Channel 5.