Billionaire Richard Desmond is set to take over Channel Five today.

The owner of Express Newspapers offered French broadcasters RTL around £100m for the station, an offer that no one has matched despite two late approaches from Channel 4 and NBC Universal.

However, the deal could still be struck out by regulators.

It is believed Ofcom would not block the acquisition over competition issues but the media baron could still "face a grilling" by MPs on the House of Commons culture committee over his future plans for the terrestrial station.

Desmond, who also owns pornography network Television X, OK Magazine and the Daily Star titles, would become the first individual to own a UK public service broadcaster. He would be banned under EU cross-promotion rules of using the station to plug his other media interests.

However, he would be able to use his magazines and newspapers to promote Five shows and use his contracts with showbiz types like Kerry Katona and Katie Price to launch shows - some MPs fear the channel will be turned into a 24 hour celebrity showcase.

Tory backbencher John Whittingdale, who chairs the Culture, Media and Sport committee, intends to ask Desmond to appear before members if the sale goes ahead.

Five's terrestrial licence requires the commercial station to air a set amount of news and current affairs programming every year.

Last week, Desmond met with media regulator Ofcom to give assurances that he will maintain the requirements of Five's licence, which runs until 2014.