Richard Desmond
Channel 5 was purchased by Desmond's Northern & Shell in 2010 for £103.5mReuters

MTV owner Viacom Networks plans to acquire the UK broadcaster Channel 5 for £450m.

The deal comes after speculation that Channel 5 owner Richard Desmond was set to sell the broadcaster to US media giant.

Viacom's networks include MTV, Nickelodeon and Comedy Central and the firm stressed that it will offer more UK-created content for global audiences.

"The acquisition of Channel 5 accelerates Viacom's strategy in the UK, one of the world's most important and valuable media markets," said Philippe Dauman, president and chief executive of Viacom.

He added: "Channel 5's momentum is indisputable, with impactful programming, increasing popularity and a growing digital platform. Channel 5's management and employees have done an outstanding job building their brand and we are pleased to welcome them to our team.

"Viacom's global resources, technology and expertise will help Channel 5 develop even more compelling programming and provide content to consumers in exciting new ways.

"In addition, we will introduce our popular content to new UK audiences and create a comprehensive offering for our commercial partners on-air and on-line."

The news comes after Channel 5, which was launched in 1997, was purchased by Desmond's Northern & Shell in 2010 for £103.5m ($107m, €126m).