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Israeli tycoon Haim Saban in bid to buy Channel 5

    Haim Saban (Photo: Saban Capital Group)
    Haim Saban (Photo: Saban Capital Group)

    An Israeli tycoon is in the running to become the new owner of Channel 5.

    According to a report in the Financial Times, Haim Saban, who owns investment firm Saban Capital, is preparing to bid for the channel and explore a possible merger with Channel 4.

    Egyptian-born Mr Saban, whose firm owns Spanish broadcaster Univision, created the Power Rangers franchise.

    Channel 5 owner Richard Desmond resigned from the channel's operating company last year.

    He is said to be looking to sell for around £700 million.

    Initial bids will be submitted on Thursday.

    US media conglomerate Discovery Communications are reportedly in joint-bid talks with BSkyB to buy to channel.

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