LONDON - Richard Desmond, proprietor of Express Newspapers and OK! magazine, is to sell his stable of soft-porn magazines, heading off criticism that he is not a suitable owner of a national newspaper.The move will be seen as an attempt to prove that he is serious about long-term ownership of the Daily Express and Sunday Express. Recent speculation has indicated that he might sell the Express titles and concentrate on red-top tabloid, the Daily Star, which was seen as a good fit with OK! and his stable of adult titles.
Desmond鈥檚 company, Northern & Shell, will sell 35 adult magazines including Asian Babes and Reader鈥檚 Wives. Desmond is believed to be hoping to raise between 拢10m and 拢20m from the sale, which is being handled by investment bank Seymour Pierce.
Northern & Shell said it planned to sell the titles before it bought Express Newspapers in November. It is thought that the company is trying to clean up its image ahead of a possible flotation.
Northern & Shell, however, will retain its adult cable and digital station, the Fantasy Channel. It also publishes gay lifestyle magazine Attitude and some music, keep-fit and cooking magazines.
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