MTV owner Viacom has agreed to buy Channel 5 for £450 million, it was announced today.

Richard Desmond has completed the sale of Channel 5 to MTV owner Viacom for up to £450 million. Credit: PA

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

It said Channel 5's programmes were viewed by 42 million people every month and its acquisition brought it the only commercial public service broadcaster to grow viewer share consistently in recent years.

Viacom chief executive Philippe Dauman said: "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."