City News Desk

A consortium headed by a Greek media mogul is in pole position to acquire Channel 5 according to reports today.  The head of Greek media group Antenna Group Theo Kyriakou has joined forces with John De Mol the founder of Big Brother in a bid to buy the RTL owned Channel 5, in the face of other potential suitors including the owners of Daily Express Northern and Shell.

Antenna Group has become one of Europe’s leading media groups selling Antenna Nova for £508 million in 2007, when the channel was originally acquired for £3.7 million.

Speculation is now growing that Theo Kyriakou the groups COO will be looking for other media acquisitions in the UK broadcast industry.  

Channel 5 is recent years has carved itself a niche in the terrestrial broadcasting industry with programmes focused on celebrity led news and imports from the US in the form of soap operas not shown on other channels.