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Viacom to pay $760 million for British TV outlet
Viacom to pay $760 million for British TV outlet

Cable television giant Viacom Inc. is spending nearly $760 million to buy Britain's popular Channel 5 Broadcasting service. The acquisition, announced Thursday, catapults the New York media company into a rare league. It would become owner of a public broadcasting service in Britain, which is one of the world's most vibrant hubs for developing television programming. "This was a unique opportunity to grow our content business," Viacom Chief Executive Philippe Dauman said in an interview. Britain "is a big center of creativity, and this will give us more to play with. The possibilities are endless." Channel 5 had been on the auction block for several...

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