US media group Viacom has agreed to purchase Channel 5 from Richard Desmond's Northern & Shell group for £450 million.

Viacom currently owns a portfolio of television channels which include MTV, Nickelodeon, VIVA and Comedy Central.

Philippe Dauman, Viacom president and chief executive, said of the acquisition: "Viacom's global resources, technology and expertise will help Channel 5 develop even more compelling programming. In addition, we will introduce our popular content to new UK audiences and create a comprehensive offering for our commercial partners on-air and online."

Desmond purchased Five from RTL Group in 2010, rebranding the station to its original name of Channel 5. Viacom's acquisition includes subsidiary channels 5*, 5USA and digital on-demand service Demand 5.