Northern & Shell looks to sell British TV broadcaster Channel 5 for £700M

By VCPOST Staff Reporter

Jan 01, 2014 08:56 PM EST

Britain's Channel 5 Broadcasting Ltd. owner is reportedly exploring a possible sale of the TV broadcaster. 

Reuters, citing an earlier report by the Financial Times, said that the possible sale is expected to raise £700 million ($1.16 billion). British investment bank Barclays PLC is advising on options for the television network. 

London-based publishing and television group Northern & Shell bought Channel 5 from European entertainment group RTL Group for £103.5 million in 2010. Northern & Shell has since turned the channel's fortunes around. The publishing and television group is owned by British media baron Richard Desmond, the report said.

Channel 5 made a profit of £20.6 million in the first half of 2013, up from a loss of £16.1 million a year earlier, Reuters said.

Northern & Shell also owns the Express group of newspapers, Daily Star and Daily Express. The British publishing and television group runs other magazines including celebrity magazine OK!, the report said.

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