Richard Desmond, the owner of the Daily Express and Daily Star newspapers, has sold his adult entertainment network.
Northern and Shell has announced the sale of Portland TV, the company behind Television X and Red Hot, for less than £1m as part of a management buy-out deal.
The deal, completed this morning, was signed between Northern and Shell and Portland TV's managing director Chris Ratcliff.
Portland TV, which was sold for a six-figure sum, contributed less than two per cent of group revenues per year over the last three years, Northern and Shell said in its announcement.
Founded in 1995, it runs five adult broadcast channels across Sky, Freeview and Virgin Media.
Northern and Shell, which also publishes celebrity magazines including OK!, has now exited the UK television industry entirely after selling Channel 5 to Viacom in 2014.
Desmond sold his adult magazine stable back in 2004.
Ratcliff was part of the team that launched Portland TV more than 20 years ago.
He rejoined the company eight years ago and has been managing director since 2013.