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Viacom to buy UK's Channel 5 Station



US media group Viacom has agreed to buy the UK's Channel 5 for £450m, it has been announced.

Viacom, the owner of MTV, will be acquiring the channel from Richard Desmond's Northern & Shell group.

Viacom described Channel 5 as "one of British television's biggest brands" and said the acquisition would "accelerate" its strategy in the UK.

It added that Channel 5 would complement Viacom's existing pay-TV networks.

As well as MTV, Viacom also owns Comedy Central and children's network Nickelodeon.

Viacom's president and chief executive, Philippe Dauman, said: "Channel 5's momentum is indisputable, with impactful programming, increasing popularity and a growing digital platform.

"Channel 5's management and employees have done an outstanding job building their brand and we are pleased to welcome them to our team."

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