Richard Desmond to sell Channel 5 to MTV and Nickelodeon owner Viacom for £450m
British media baron Richard Desmond will announce that he is selling free-to-air TV broadcaster Channel 5 to U.S.-based Viacom Inc for up to £450m.
Viacom, which owns cable networks such as MTV, Nickelodeon and Comedy Central, confirmed the deal today.
Channel 5, which broadcasts "Big Brother," was bought by Desmond's Northern & Shell media group in 2010 for £103.5m.
Northern & Shell could not be contacted outside of regular business hours, while Viacom declined to comment.
Media reports said in January Desmond was expecting to raise about £700m through the sale of the television network and had hired Barclays to look for buyers.