LONDON (Brand Republic) - Richard Desmond, the proprietor of the Daily Express, is understood to have been approached by up to six parties interested in acquiring his soft-porn publishing empire.
Northern & Shell is reported to have been approached by, among others, David Sullivan, publisher of the Daily Sport and Sunday Sport, and Paul Raymond, owner of Mayfair and Club magazines, for its portfolio of around 30 top-shelf titles. The titles up for sale include Asian Babes, Nude Readers’ Wives and Big Ones.
Desmond, chairman of Northern & Shell, claims to have taken the decision to sell the magazines before he bought Express Newspapers from United News & Media in November.
The sale is linked with the planned flotation of Northern & Shell, which was postponed because of tough market conditions and City investors put off by the company’s soft-porn image.
The move is seen as evidence that Desmond is committed to building his mid-market tabloids the Daily Express and Sunday Express, as well as red-top tabloid the Daily Star.
Desmond had been expected to sell the two Express titles and retain the Daily Star, which was seen as a more appropriate fit with his soft-porn empire, which accounts for around 5% of Northern & Shell’s profits.
Desmond is currently pursuing a controversial cost-cutting strategy. So far, he has axed more than 200 jobs across the Express, including 40 staff at the Express websites.
Desmond’s decision to slash the newspaper’s workforce contributed to last week’s resignation of Rosie Boycott, editor of the Daily Express, and her deputy Chris Blackhurst, who did not agree with the measures.
Associate editor Chris Williams was last week named as Boycott’s successor, after Boycott left the paper with a reported £200,000 pay-off.