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Channel 5 dividend payout in £69m for Northern & Shell | |
(about 7 hours later) | |
Richard Desmond made even more money out of Channel 5 than previously thought, The Independent can reveal. | Richard Desmond made even more money out of Channel 5 than previously thought, The Independent can reveal. |
The broadcaster paid his parent company Northern & Shell a £69m dividend just months before he sold it for more than £450m earlier this year. It means Mr Desmond’s Northern & Shell made a £433m profit in just four years of owning Channel 5. | The broadcaster paid his parent company Northern & Shell a £69m dividend just months before he sold it for more than £450m earlier this year. It means Mr Desmond’s Northern & Shell made a £433m profit in just four years of owning Channel 5. |
The media mogul bought Channel 5 for £99m from Luxembourg’s RTL, owner of X Factor production company Fremantle Media, in July 2010, and sold it for £463m to MTV owner Viacom in May 2014. | The media mogul bought Channel 5 for £99m from Luxembourg’s RTL, owner of X Factor production company Fremantle Media, in July 2010, and sold it for £463m to MTV owner Viacom in May 2014. |
News of the £69m dividend emerged in newly published annual accounts for Channel 5 Broadcasting. It is understood Channel 5 had accumulated the £69m in cash in four largely profitable years under Mr Desmond, and he chose to pay that as a dividend to his parent company at the start of 2014 before selling the broadcaster. | News of the £69m dividend emerged in newly published annual accounts for Channel 5 Broadcasting. It is understood Channel 5 had accumulated the £69m in cash in four largely profitable years under Mr Desmond, and he chose to pay that as a dividend to his parent company at the start of 2014 before selling the broadcaster. |
Those close to Mr Desmond’s company say he used the £69m dividend to fund other investments and working capital across Northern and Shell, rather than immediately taking out the cash for himself. | Those close to Mr Desmond’s company say he used the £69m dividend to fund other investments and working capital across Northern and Shell, rather than immediately taking out the cash for himself. |
When Viacom bought Channel 5, the sale price was reported to be £450m, but accounts show that it actually received the slightly higher amount of £463m. | When Viacom bought Channel 5, the sale price was reported to be £450m, but accounts show that it actually received the slightly higher amount of £463m. |
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