Viacom buys Channel 5 for 450m pounds

US-based Viacom, owner of MTV and Comedy Central, said it has agreed to buy Channel 5 for 450m pounds from Richard Desmond's Northern & Shell Media Group. US-based Viacom, owner of MTV and Comedy Central, said it has agreed to buy Channel 5 for 450m pounds from Richard Desmond's Northern & Shell Media Group. "The acquisition of Channel 5 accelerates Viacom's strategy in the UK, one of the world's most important and valuable media markets," said Viacom President and CEO Philippe Dauman. Viacom said Channel 5 was the only commercial public service broadcaster to consistently grow viewership share in recent years, with a diverse programming slate viewed by more than 80% of the UK population each month. The US company added that Channel 5 benefits from the prominence associated with being a public service broadcaster, and "will complement Viacom's popular pay TV networks, which connect with focused and valuable audiences". Dauman added: "Channel 5's momentum is indisputable, with impactful programming, increasing popularity and a growing digital platform." Viacom plans to introduce its content to new UK audiences via the Channel, which would also see it "dramatically increase" its investment in content produced in the UK. It plans on partnering with local producers to introduce more UK-created content to global audiences, and added that it remained interested in further opportunities in the UK, both in the free-to-air and pay television markets. The company launched MTV in the UK in 1987, followed by Nickelodeon in 1993 and Comedy Central in 1995, growing to more than 20 branded TV networks currently on air in the country. OH