Mega Rich TV Stations MTV and Comedy Central Owners bought Channel 5 for £450million #CarryGobySeanKellz #FutureGroupNG via @myentertain9jar

AMERICAN media giant Viacom has agreed to buy Channel 5 for £450million.

Official Channel 5 logo[PH]

Channel 5’s momentum is indisputable, with impactful programming, increasing popularity and a growing digital platform.

Viacom president Philippe Dauman

The MTV owner will acquire the channel from Richard Desmond’s Northern & Shell group, which has owned it since 2010.

It described Channel 5 as “one of British television’s biggest brands” with the deal representing a significant profit on the £103.5million Mr Desmond initially paid.

Viacom 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 welcome them to our team.”

Chief operating officer at Channel 5, Paul Dunthorne, said the business had been “transformed” since Northern & Shell bought it. The deal, he said, offered “numerous exciting opportunities for the channel’s future”.

Viacom also owns Comedy Central and children’s network Nickelodeon.

Channel 5 was launched in 1997 as the UK’s fifth terrestrial TV channel.

Mr Desmond, who also owns the Daily Express and Daily Star newspapers and OK! magazine, turned Channel 5 around by slashing costs and focusing on reality shows, including Big Brother and Celebrity Big Brother.

The sale reportedly drew interest from more than 20 potential buyers.

Northern & Shell said the deal is subject to regulatory approval.