Richard Desmond, the owner of Daily Express and OK! Magazine, is reportedly expected to buy loss-making TV channel Five for £100 million after beating off bids from other major players.
The businessman has reportedly briefed media regulator Ofcom on his plans to revamp the channel, including more reality TV shows and chat shows.
However, Mr Desmond is expected to honour over £600 million-worth long-term programming contracts that tie programmes, including crime show CSI, to the channel.
He is also expected to maintain Five's public service licence requirements - which mainly include airing regular news bulletins - as losing the licence would have cost him the channel's high slot on electronic programme guides of Sky and Virgin Media.
Mr Desmond, who is active in the television market through his Northern & Shell subsidiary Portland TV, also reportedly plans to cut down costs at the struggling channel, which may lead to job losses.
Five, which incurred an operating loss of £9.1 million last year and has a 6% audience share, has been put up for sale by European broadcaster RTL.
Copyright Press Association 2010
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