OWNERSHIP OF BRITAIN’S CHANNEL 5 RETURNS TO BRITAIN

British publisher Richard Desmond has bought Channel 5, the U.K. terrestrial television network, from Bertelsman’s Luxembourg-based RTL Group for $161 million. Desmond, who owns the London Daily Express, OK! magazine, and the Television X adult channel, is expected to encounter little opposition from regulators in completing the sale. Although Channel 5 broadcasts such hit American series as CSI: Crime Scene Investigation and Law & Order, the network’s ratings have fallen precipitously in recent years, resulting in an operating loss of more than $13 million in 2009. Today’s Guardian newspaper said that Desmond is expected to transform Channel 5 into something resembling America’s E! Entertainment channel, offering heavy doses of entertainment features and gossip.