Channel 5 has been purchased by Viacom for a massive £450 million from Northern & Shell Media Group.
The deal was announced earlier this year on May 1 and was completed today after being unconditionally cleared by the European Commission.
Viacom President and CEO Philippe Dauman said: "Our ownership of Channel 5 will significantly increase Viacom's investment in British creativity and content.
Celebrity Big Brother is a huge Channel 5 success"We are committed to strengthening Channel 5's status as one of UK broadcasting's premier brands, and we will continue to grow the network's pipeline of original programming with more quality commissions, as well as acquisitions."
He continued: "The addition of Channel 5 will also benefit our existing UK pay television channel portfolio, as demonstrated by the announcement of our first two original programming commissions.
"We are excited about our stewardship of Channel 5 and we look forward to delivering added value for our shareholders, partners and, above all, our audiences."
Channel 5 has confirmed that they now have joint commission with Viacom's UK pay TV channels, and one of their first collaborations will be with MTV UK on reality entertainment series 10,000 BC.
That series will consist of 10 one hour episodes on Channel 5, and five one hour spinoffs on MTV UK.
Nickelodeon is to collaborate with Channel 5's Milkshake and develop animated series Nella The Knight.
Episodes of SpongeBob SquarePants and Teenage Mutant Ninja Turtles will also begin airing on Channel 5 following the sharing of rights.
Tagged in Celebrity Big Brother