Discovery is understood to have dropped out of the bidding process for the UK’s Channel 5, according to Bloomberg.
Quoting “a person with knowledge of the matter”, it adds that the company had been willing to offer around £350 million (€424.4 million) for the broadcaster, which is owned by Richard Desmond’s Northern & Shell.
Discovery had been working on its bid with BSkyB, while Viacom is also believed to have taken part in the bidding process.
Desmond was initially seeking over £700 million for Channel 5 and has also been reported to have considered an IPO.
