Press baron Richard Desmond buys Channel Five for £103 million

Published on Friday 23 July 2010 18:23

NEWSPAPER and magazine proprietor Richard Desmond has bought TV channel Five.

The owner of the Daily Express and OK! magazine is paying 103.5 million to European entertainment network RTL for its 100 per cent shareholding in Five, RTL said yesterday. The station first launched in 1997.

RTL said it had signed an agreement for the sale of Five Group to the Northern & Shell company owned by Mr Desmond and that the deal was closed with immediate effect.

Gerhard Zeiler, chief executive officer of RTL Group, said: "With a significant recovery of the UK TV advertising market and Five performing well in the first half of 2010, we saw a window of opportunity."

It has been reported that Mr Desmond, who is said to be worth 950 million, will transform the station's schedule with more reality and celebrity material. This might include a revival of Big Brother, which is in its final series on Channel 4.

Mr Desmond had reportedly had discussions with Endemol, the owner of the programme, about broadcasting it next year.