Northern & Shell has dismissed news that it is looking to offload its magazine portfolio as "pure speculation" despite MediaWeek having seen sale proposals.
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PrintWeek's sister title MediaWeek reported that owner Richard Desmond had employed investment bank Barclays Capital to oversee the sale of the titles, which include OK! Magazine.
However, a spokesman for Desmond told PrintWeek this afternoon that cross-media was "very important" to Desmond, who also owns the Daily Star and Daily Express newspapers and Channel 5 television station, which has recently launched an OK! Magazine show.
"It is pure speculation," the spokesman added.
According to MediaWeek, a confidential Barclays Capital presentation details the sale proposals, which also include international versions of OK! and Star and New! magazines.
The presentation reveals that OK! Magazine made a profit of around £20m last year; however the title's circulation was down 23.4% year-on-year in the latest set of six-month figures.
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