Reverse British Invasion: Viacom to Buy U.K.’s Channel 5 for $761 Million
Posted in: Uncategorized
Viacom has agreed to buy the U.K.’s Channel 5 for 450 million pounds ($761 million), giving the owner of MTV and Comedy Central a broader presence in Europe and a chance to create shows for the local market.
Sumner Redstone’s company will pay cash to buy the broadcaster from Northern & Shell, the publishing company owned by Richard Desmond. The purchase will immediately boost earnings, according to a statement from New York-based Viacom, which also today reported second-quarter profit that beat analysts’ estimates.
Viacom is buying a station — known for provocative reality-TV shows like “Britain’s Crime Capitals” and “Celebrity Big Brother” — that also airs popular U.S. fare including “CSI New York” and “The Mentalist.” Channel 5, with about 42 million viewers in any given month, gives Viacom an opportunity to capitalize on its U.S. programming in Britain and introduce U.K.-created content to global audiences.
Post a Comment