Read this: Richard Desmond shakes hands on Five buyout | Media | guardian.co.uk
Summary: Richard Desmond reached an agreement with the owner of Bertelsmann in the early hours of this morning, according to sources. The deal is still to be ratified by the board of parent company Bertelsmann in Germany later this afternoon but few insiders expect a hitch. Desmond, who still owns a raft of porn channels, also spent money on OK magazine which lost money for the first six years of his ownership but is now highly profitable. - guardian.co.uk
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