After several months of waiting for clearance from the European Commission, Viacom International Media Networks Inc. has confirmed that it has completed the £450 million acquisition of Channel 5 Broadcasting Ltd.
The merger means the American media giant will have a firm foothold within the UK broadcasting market and will add the Channel 5, 5USA and 5* brands to its portfolio which already includes channels such as Nickelodeon, MTV and Comedy Central.
Viacom President and CEO, Philippe Dauman, commented “Our ownership of Channel 5 will significantly increase Viacom’s investment in British creativity and content. We are committed to strengthening Channel 5’s status as one of UK broadcasting’s premier brands, and we will continue to grow the network’s pipeline of original programming with more quality commissions, as well as acquisitions.
“The addition of Channel 5 will also benefit our existing UK pay television channel portfolio, as demonstrated by the announcement of our first two original programming commissions.”