MTV owner Viacom has agreed to buy Channel Five for £450 million from Richard Desmond's northern & Shell.
The deal represents a significant profit on the £103.5m mr Desmond paid for the broadcaster in 2010, although it is thought to fall short of the £700m price tag he had put on the channel. northern & Shell said the deal was subject to regulatory approval.
Channel Five was launched in 1997 and broadcasts popular shows such as neighbours. under mr Desmond it revived Big Brother after it was ditched by Channel 4.
The broadcaster's fortunes have been transformed since the tycoon, who also owns the Daily Express and Daily Star newspapers, bought it four years ago.