Desmond in talks to sell US OK! to Time Warner

Richard Desmond is in talks with US media giant Time Warner about the possible sale of the US edition of celebrity OK! magazine, sources have confirmed.

OK! USA: Desmond in sale talks with Time Warner
OK! USA: Desmond in sale talks with Time Warner

Media Week revealed earlier this year that Desmond was considering the sale of his print assets, which include OK! magazine in the US, along with his domestic magazine stable and the Express and Star newspapers.

According to sources Desmond is now in talks with IPC-owner Time Warner about the sale of the monthly celebrity title, which has struggled to establish itself in the US market.

But sources have said the two parties are some distance away from agreeing a deal.

One report suggests Time Warner has offered between $30m and $35m to buy the title, which is thought to be heavily loss-making.

The title launched in the US in 2005, as Desmond looked to replicate his domestic success with the title across the Atlantic.

Its US fortunes contrast markedly with its performance in the UK, where it made a profit of around £20m in 2010.

The US edition of OK! would make a good fit for Time Warner, which publishes titles such as Sports Illustrated and InStyle, as well as owning UK publishing giant IPC Media, which publishes women's monthly Marie Claire and weekly Look.

Time Warner was unavailable for comment. Northern & Shell declined to comment.

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

Monocle valued at $115m as Tyler Brûlé sells minority stake to Japanese media company

Monocle valued at $115m as Tyler Brûlé sells minority stake to Japanese media company

Monocle has sold a stake to the Japanese media company Nikkei, as the two companies enter into a strategic partnership.

Share
Watch: Marks & Spencer's latest food ad

Watch: Marks & Spencer's latest food ad

Marks & Spencer is releasing a TV ad for its food range as part of a dual-pronged autumn campaign that will also push the retailer's clothes.

Share
The X Factor returns with highest launch audience since 2011

The X Factor returns with highest launch audience since 2011

The 11th UK series of 'The X Factor' launched to a peak audience of 10.6 million, the highest for three years, according to unofficial overnight figures.

Share

Get news by email