Desmond studies flotation of adult broadcasting business
LONDON - Richard Desmond, the owner of Express Newspapers, is mulling a potential initial public offering of his Portland operation, which among other things houses his adult television stations including Television X and RedHot.
The Financial Times claims that Desmond is examining the option in addition to lining up Sir Angus Grossart, a former vice-chairman of Royal Bank of Scotland, to be chairman of Portland.
As well as Television X, Desmond's advertising, music video and adult production business also owns 25 channels on cable and satellite TV including Red Hot.
Desmond used to own a stable of pornographic magazines, including Asian Babes and Skinny and Wriggly. He sold them to Remnant Media in 2004.
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