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Richard Desmond set to sell Channel 5 for £450 million

    Richard Desmond (Photo: YouTube/ ITN)
    Richard Desmond (Photo: YouTube/ ITN)

    British Jewish businessman Richard Desmond is set to complete the sale of Channel 5 for £450 million, it was reported this morning.

    The deal - which is yet to be confirmed by Mr Desmond or buyer Viacom, the American broadcaster and owner of MTV – falls £250 million short of the billionaire’s initial £700 million asking price.

    Norwood charity president Mr Desmond, the owner of the Daily Express and Daily Star newspapers, bought the then loss-making channel for £103.5 million in 2010.

    When initial bids for Channel 5 were announced, Israeli tycoon Haim Saban, the owner of Spanish broadcaster Univision, was billed as a potential buyer.

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