Richard Desmond has resigned from the board of Channel 5’s operating company in a further sign that he is preparing for a possible sale of the broadcaster.
The media mogul and two other senior executives quietly stepped down from Channel 5 Broadcasting Limited at the end of December, according to Companies House filings.
Desmond, who also owns the Daily Express, Daily Star, OK! magazine and a number of adult channels, surprised the City when it emerged last month he had hired Barclays to look at a sale of Channel 5 for as much as £700 million. He paid £103.5 million cash to buy the broadcaster from European giant RTL three and a half years ago.
Desmond’s team has sent out a detailed information memorandum to would-be buyers and is thought to have set a February 27 deadline to make initial offers. Desmond’s Northern & Shell group declined to comment.
Northern & Shell is thought to have received interest from potential buyers. American giants NBC, Turner Broadcasting, Discovery and Scripps, owner of UKTV, have all been mooted.
Regulator Ofcom formally confirmed that Channel 5 and ITV have completed the renewal of their broadcasting licences until 2024.
