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The Guardian - UK
The Guardian - UK
Business

Is Desmond really selling the American OK! to Time Warner?

There have been reports before about Richard Desmond selling off some or all of his print businesses.

Though there there is no doubt that some banks thought it a good wheeze to fly a kite, the notion of a sale was dismissed as something of a tease.

So I didn't take too seriously a report in the Sunday Times that Desmond was "in talks" to sell the US edition of OK! magazine to Time Warner, even though it included a key detail, namely the price, £21m.

But a follow-up report in Media Week mentioned that "sources" had confirmed that talks were indeed in progress.

The magazine noted that the title, launched in America in 2005, "is thought to be heavily loss-making". By contrast, the British edition of OK! made a profit of around £20m in 2010.

Then again, Desmond's other media properties, such as Express Newspapers and Channel 5, could well be a drain on his resources.

So maybe there is something to the reports this time. Or is it merely another banking wheeze, and another Desmond tease?

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