Viacom International Media Networks has agreed to buy Northern & Shell Media Group’s Channel 5 Broadcasting, one of Britain’s biggest TV brands, for £450 million (approximately U.S. $757 million).

Channel 5 is the only British commercial public service broadcaster to consistently grow its viewership share in recent years and features a programming slate that is viewed by more than 80 percent of the U.K. population each month.

Under the terms of the agreement, Viacom will acquire all brands and assets of Channel 5 including Channel 5, 5*, 5USA, the kids’ programming block Milkshake! and the video-on-demand service Demand 5.

"The acquisition of Channel 5 accelerates Viacom's strategy in the U.K., one of the world's most important and valuable media markets," said Viacom President and CEO Philippe Dauman. "Channel 5's momentum is indisputable, and Viacom's global resources, technology and expertise will help Channel 5 develop even more compelling programming and provide content to consumers in exciting new ways. In addition, we will introduce our popular content to new U.K. audiences and create a comprehensive offering for our commercial partners on-air and online. We look forward to partnering with local producers to introduce more U.K.-created content to global audiences."