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Richard Desmond

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Richard Desmond, holding his newspaper: The Daily Express


Richard Clive Desmond (born 8 December 1951) is an English publisher and businessman. He is the owner of Express Newspapers and founder in 1974 of Northern & Shell, which publishes various celebrity magazines, such as OK!, New! and (in the UK) Daily Star. Northern & Shell owns Channel 5 and Portland TV, which, in turn, owns the adult TV channels Television X, Red Hot TV, and others.

In 2010, Desmond was ranked the equal-57th richest man in Britain according to the Sunday Times Rich List, with a net worth of £950 million.

On 23 July 2010, Desmond bought the UK terrestrial-television channel Channel 5, which was losing money, from the German group RTL, for £103.5million. The new owner immediately proceeded to cut costs, starting with the dismissal of seven out of Channel 5's nine directors, beginning a drive to eliminate "£20m of yearly expenses". The stated plan includes the dismissal of up to further 80 of the network's 300 employees.



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