Channel 5 set to be bought by Viacom

Channel 5 set to be bought by Viacom
Channel 5 set to be bought by Viacom

The part-owner of Indian broadcaster, Colors, is set to acquire the terrestrial UK service, Channel 5, with an announcement expected imminently.

MediaGuardian reports that the US media giant, Viacom will be forking out around 450 million – short of the price tag 700m-plus originally set by current owner Richard Desmond.

This will give Viacom an aggressive push in the UK market, in particular free-to-air television. It is not clear what Viacom will do with Channel 5’s 350m-a-year TV ad sales business. But it is thought likely that it will involve Rupert Murdoch’s Sky.

Viacom owns MTV, Nickelodeon and Comedy Central, as well has having a share in Colors and Rishtey. Viacom 18 Media Pvt. Limited founded in November 2007 is a 50/50 joint venture operation in India between Viacom and the Network 18 Group based in Mumbai.