Richard Desmond, owner of the Express newspaper group, has agreed to sell the US edition of OK! Magazine to American Media (AMI) for an undisclosed sum.
The National Enquirer publisher is acquiring the loss making title, which has a circulation of 800,000, in a bid to strengthen its celebrity coverage.
OK! Has carved out a significant presence in the sector owing to aggressive moves to boost its presence in supermarkets and to pay top dollar for celeb gossip.
An AMI Chairman, David Pecker, said: “OK! magazine is a very important strategic acquisition for AMI, as it increases our market share in newsstand unit sales from 30% to 36%. It also allows us to offer our advertisers a wider range of celebrity coverage than any single publication or group of titles from any publisher.”