Olswang has advised Viacom International Media Networks on its acquisition of Channel 5 Broadcasting Limited for £450 million (approximately $757 million). Olswang advised the US media giant on the commercial and regulatory media aspects of the transaction.

As a result of the acquisition, Viacom will acquire all brands and assets of Channel 5 Limited, including Channel 5, 5*, 5USA, Milkshake! and Demand 5. The acquisition of Britain's largest privately owned public service broadcaster gives Viacom's programming a prominent outlet in the UK, where it has a history of successful strategic investment. The company launched MTV in the market in 1987, followed by Nickelodeon in 1993 and Comedy Central in 1995, growing to more than 20 branded TV networks currently on air, including BET, VIVA and VH1. Viacom's continued growth resulted in it being the most successful international supplier of pay TV channels to the UK market in 2013.

Viacom is a long-standing client of Olswang. The firm has advised the company in the UK and Europe since the set-up of MTV UK in 1987. Over the years Olswang has supported Viacom on strategic commercial deals and advised the company on joint ventures, advertising sales agency arrangements and carriage deals across a range of distribution platforms as well as on a host of other matters concerning its channels and services, including MTV, VH1, Viva, Comedy Central and Nickelodeon.

John Enser, partner at Olswang, added: "Having worked with Viacom since their entry in the UK media landscape in the late Eighties, we know the ambition and passion that the company has for its brands and programming. It's been fantastic to help them once again on a game-changing deal in the UK market. We look forward to helping Viacom shape their future partnerships with local producers and support them in their growth both in the free-to-air and pay television markets."

The Olswang team advising on this transaction was led by partners John Enser and Victoria Gaskell, who worked alongside lawyers from Shearman & Sterling and Lewis Silkin, who advised Viacom on other aspects of the transaction.