Viacom buys off Channel 5 for 450 million pounds!

Confirmed reports has it that a U.S. media company Viacom Inc VIAB.O said it will buy British free-to-air TV broadcaster Channel 5 from media baron Richard Desmond for 450 million pounds to expand in the United Kingdom.

Viacom, which owns cable networks such as MTV, Nickelodeon and Comedy Central, said the channel would look to introduce more UK-created content to global audiences.

Channel 5, which broadcasts "Big Brother," was bought by Desmond's Northern & Shell media group in 2010 for 103.5 million pounds.

The sales reportedly drew interest from more than 20 potential buyers, including Viacom, Discovery Communications DISCA.O, Scripps Networks SNI.N and British Sky Broadcasting Group BSY.L.