U.S.-based Viacom Inc said on Thursday it will purchase British TV broadcaster Channel 5 from media baron Richard Desmond for $760 million (450 million pounds) as a keystone to develop its worldwide presence.Viacom, which owns a stable of cable channels such as MTV, Nickelodeon, Comedy Central and movie studio Paramount Pictures, said the deal will also allow the company to tap new ideas.Channel 5 is the free-to-air network that broadcasts popular hit shows such as reality show "Big Brother" and the crime drama CSI franchise and has more than 43 million viewers per month, according to the company."We are planning to launch more brands internationally and this will accelerate our ability to (do this)," said Viacom CEO Philippe Dauman on a call with investors on Thursday, who said this deal was a "rare opportunity."
Viacom Inc. (Viacom) is an entertainment content company that connects with audiences in over 160 countries and territories and creates compelling television programs, motion pictures, short-form video, applications (apps), games, consumer products, social media and other entertainment content. Shares of VIAB fell by 1.74% or $-1.48/share to $83.50. In the past year, the shares have traded as low as $64.55 and as high as $89.27. On average, 2323610 shares of VIAB exchange hands on a given day and today's volume is recorded at 1239781.
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