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Channel 5 sold to US

BRITISH media baron Richard Desmond (right), will announce today that he is selling Channel 5 to US-based Viacom Inc for up to £450m (€548m).

Viacom, which owns cable networks, confirmed the deal yesterday.

Channel 5 was bought by Desmond's Northern & Shell media group in 2010 for £103.5m (€126m).

Media reports said in January that Desmond was expecting to raise £700m (€853m) through the sale.