Media tycoon Richard Desmond is considering selling Channel 5, for several times his original investment.
Mr Desmond bought the broadcaster for £103.5 million in 2010 and, according to reports, is hoping the channel will now fetch £700 million.
The media tycoon, who also owns the Express and Star newspapers, has appointed Barclays to handle the sale.
Several corporations are likely to be interested in buying the channel, including ITV and the American network Turner Broadcasting.
Some experts are expecting the terrestrial broadcaster to spark the interest of pay-TV rivals BT and BSkyB.
