Channel 5 boss Desmond steps down

UK terrestrial broadcaster Channel 5’s owner, Richard Desmond, has quietly stepped down as a director ahead of a potential sale.

An Independent newspaper report revealed Channel 5 owner Richard Desmond has stepped down from the board of parent company Channel 5 Broadcasting, along with other senior executives.

The paper also reports Desmond has sent out a detailed information memorandum, including financial information, to prospective buyers and is said to have set a deadline of February 27 for initial offers.

With Channel 5’s financial state in much better shape than when Desmond’s Northern & Shell acquired it four years ago from European broadcasting group RTL for £103.5 million, he could seek up to £700 million on a sale.

NBCUniversal, Turner Broadcasting, Scripps Networks Interactive and Discovery Communications have all reportedly expressed interest in the business.