Channel 5 Owner Mulls Possible Sale

LONDON: Channel 5 owner Richard Desmond has appointed Barclays to advise on a possible sale.

Desmond has reportedly asked advisors to look into the possible sale of the network, which could raise more than £700 million ($1.16 billion). Desmond bought the British free-to-air channel for £103.5 million ($171 million) in 2010.

Among the potential buyers cited by the Financial Times are ITV and Turner Broadcasting.

After experiencing some losses, Channel 5 returned to operating profits in the first half of 2013, with $34.1 million.

"As a media group with a broad portfolio of assets we are often the subject of speculation, but it remains our policy not to comment on these matters," said Northern & Shell.