Richard Desmond is selling his adult TV channels to the company’s management in a deal worth less than £1 million.
The buyout is being led by managing director Chris Ratcliff. The Portland TV portfolio includes Television X and Red Hot and has distribution across Sky, Virgin Media and Freeview.
The sale is a reverse of Desmond’s 2014 Channel 5 sale that brought in £463 million. A decade earlier the owner of the Express newspaper group sold his adult magazine business for £10 million.