Viacom agrees £450m Channel 5 deal

Updated
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%VIRTUAL-SkimlinksPromo%MTV owner Viacom has agreed to buy Channel Five for £450 million from Richard Desmond's Northern & Shell, it was announced today.

The deal represents a significant profit on the £103.5 million Mr Desmond paid for the broadcaster in 2010, although it is thought to fall short of the £700 million price tag he had put on the channel.

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