Viacom, the American media conglomerate that owns Comedy Central, MTV, Nickelodeon and other channels, has just expanded its influence in the U.K. The company bought Channel 5 Broadcasting, one of the over-the-air networks there, for £450 million, or around $760 million.
Viacom bought the channel from British press baron Richard Desmond’s Northern & Shell Media Group, reports The Los Angeles Times. It launched in 1995, becoming Britain’s fifth public broadcaster. Currently, the channel is home to American shows such as the CSI franchise, Ice Road Truckers and Under The Dome. It averages 42 million viewers each month.
Several American companies were interested in Channel 5, but Viacom won out. Variety reports that Viacom does own 20 U.K. networks already, but Channel 5 is its first over-the-air network in the U.K. This is also the first time that an American company has taken control of a U.K. over-the-air network.
“The acquisition of Channel 5 accelerates Viacom’s strategy in the U.K., one of the world’s most important and valuable media markets,” Viacom CEO Philippe Dauman said. He added that the deal will significantly boost Viacom’s investment in the U.K. “We look forward to partnering with local producers to introduce more U.K.-created content to global audiences,” he said.
Desmond bought Channel 5 in 2010 for £104 million ($175 million).