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Viacom buying Channel 5 Broadcasting for $757M

Viacom buying Channel 5 Broadcasting from Northern & Shell Media Group for about $757 million

Associated Press

NEW YORK (AP) -- Viacom is buying Britain's Channel 5 Broadcasting Ltd. for 450 million euros (about $757 million), increasing its investment in U.K-produced content.

The media company said Thursday that the commercial public service broadcaster is watched by more than 80 percent of the U.K. population monthly. Viacom anticipates that Channel 5 will complement its pay TV networks that include Comedy Central and MTV.

The deal between Viacom International Media Networks and Northern & Shell Media Group, which bought Channel 5 in 2010, includes all brands and assets of Channel 5 Ltd. This includes 5(asterisk), 5USA, Milkshake!, Channel 5 and Demand 5.

Viacom Inc. said it will finance the transaction with existing cash balances.