Early Life
Richard Clive Desmond was born on December 8, 1951, in Hampstead, London, into a Jewish family. His father, Cyril Desmond, was once the managing director of a cinema advertising company. Desmond's early life was marked by challenges, including his father's hearing loss and the family's financial struggles, which led to his parents' divorce. He attended Edgware Junior School and Christ's College, Finchley, but left school at 15.
Rise to Success
Desmond's career began in the classified advertisements section of the Thomson Group. He later opened record shops and became the advertising manager for music magazine company Beat Publications, publishing Beat Instrumental. At 21, he owned two record shops. In 1974, he founded Northern & Shell, a publishing company that initially produced music magazines. Desmond then expanded into adult entertainment, acquiring the UK license for Penthouse in 1983. He subsequently launched various magazines in this sector, including Asian Babes and Readers Wives. In the 1990s, Desmond expanded into celebrity magazines like OK! magazine and purchased Express Newspapers, later acquiring Channel 5 in 2010.
Key Business Strategies
Desmond's business strategy involved identifying and capitalizing on market opportunities, initially in music and later in adult entertainment. He then moved into mainstream media, acquiring and revitalizing the Daily Express and Channel 5. A key element of his approach was cost-cutting, exemplified by his management of Channel 5, where he swiftly reduced expenses and increased programming budgets. He sold off his pornographic magazine business in 2004 and Channel 5 in 2014, demonstrating an ability to adapt to changing market dynamics.
Philanthropy
Desmond has also been involved in philanthropic endeavors, with the Desmond Foundation supporting children's charities in the UK. His focus has been on medical care and treatment for children. He has donated to organizations such as Norwood, a UK Jewish charity, and Moorfields Eye Hospital. He has also launched The Health Lottery, which raises money for community-focused charities.
