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.