Richard Desmond in new TV bid

Richard Desmond

Richard Desmond

Newspaper magnate Richard Desmond is believed to be planning to buy Channel Five.

The billionaire publisher is understood to be one of the final bidders for the TV channel, which has been put on sale by its European owners.

Channel Five has the fifth largest TV audience of the UK broadcasters but made a £37 million loss in 2009.

Mr Desmond already runs a media empire which includes the Daily and Sunday Express newspapers and OK! Magazine.

The Jewish businessman has been involved with the charity Norwood for 20 years and became its president in 2006.

Last updated: 1:33pm, July 12 2010