U.S. media company Viacom Inc said it will purchase British free-to-air TV broadcaster Channel 5 from media baron Richard Desmond for 450 million pounds ($760 million) to expand in the United Kingdom.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.Viacom will finance the deal with existing cash and expects the acquisition to add to earnings immediately after closing.Channel 5, which broadcasts "Big Brother," was bought by Desmond's Northern & Shell media group in 2010 for 103.5 million pounds.
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 traded higher by 1.52% or $1.27/share to $84.98. 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 3743648.
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