Thu, 02 Jan 2014 | BUSINESS SALE
Media entrepreneur Richard Desmond is looking into a possible sale of Channel 5, and has asked advisers to assist him.
Two sources close to the situation said Barclays is advising on options for the TV broadcaster, to include a sale of the business early this year.
Mr Desmond bought the TV channel for £103.5 million in 2010 and will seek to win an amount exceeding £700 million for a sale in 2014.
Under Mr Desmond’s ownership Channel 5 has returned to profit after posting a £16.1 million loss in 2012, making operating profits of £20.6 million in the first half of 2013. Bringing in well-loved programmes such as Big Brother and replacing some key executives seems to have done the trick to turn around its fortunes. Viewing figures have remained steady, however.
A sale is looking more optimistic with television channels being boosted by a return of advertising revenues after the financial downturn. The channel is one of few free-to-air broadcasters in Europe, so is expected to be highly attractive to buyers.
Potential buyers for the channel are tipped to include ITV, with its chief executive Adam Crozier saying he is interested in big purchases. While US network Turner Broadcasting has turned its attention to the European market.
ITV, one of Channel 5’s rivals, has been among the top performers in the FTSE 100 over recent years, with its shares rising tenfold since 2009.
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