Desmond to float off his porn TV channels

Richard Desmond, publisher of Express Newspapers, is considering a flotation of Portland, his broadcasting division that includes pornographic TV channels. Sir Angus Grossart, a former vice-chairman of the Royal Bank of Scotland, has supposedly agreed to chair Portland, which is responsible for 25 cable and satellite channels, such as Television X and Red Hot. In 2003 the Financial Times revealed that Desmond reduced his tax liabilities by basing most of his broadcasting interests in Jersey, even though their main operations were in the UK. (Via FT.com)