Thursday 1 May 2014 7:08 am

Viacom confirms it’s buying Channel 5 for £450m

MTV owner Viacom has agreed today to buy Channel 5, following an auction of the UK broadcaster which began last year.

The £450m price values Channel 5 at around nine times last year’s reported earnings before tax, depreciation and amortisation.

Viacom will be the first US firm to control a British public service broadcaster.

Viacom’s chief executive Philippe Dauman said of the deal:

The acquisition of Channel 5 accelerates Viacom's strategy in the UK, one of the world's most important and valuable media markets.

Channel 5 is known for broadcasting shows such as CSI: Crime Scene Investigation, Men In Black, Big Brother and children’s programmes like Peppa Pig.