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Thursday 28 August 2014

Richard Desmond to sell Channel 5 to MTV and Nickelodeon owner Viacom for £450m

Published 01/05/2014 | 12:45

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Richard Desmond
Media tycoon Richard Desmond has unveiled details of a new lottery game to raise money for health causes

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.

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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.

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