Richard Desmond bought Channel 5  for £103.5m on Friday, but ever since the deal was first hinted at, speculation has been rife about what direction he might take with the broadcaster. Here's what we know so far.
First, let's put to rest the idea that it will be filled with pornography  as soon as Desmond takes over. As a terrestrial channel, Five is obligated to provide news and current affairs programming, and cannot transform itself into an X-rated paradise. Desmond might have made a fortune out of Television X (the Fantasy Channel) and Red Hot, but he's going to have to keep the two separate or risk the wrath of the regulators.
In fact, he has insisted  that he will not be taking the channel "downmarket", but instead plans to invest £1.5bn over the next five years. Big Brother, Panorama, Coronation Street and The X Factor are all programmes he has said he would like to see broadcast by his new acquisition.
We could well see a change of name, though. In an appearance on Live From Studio Five shortly after the sale was agreed, Desmond hinted that he would be dropping the "Five" brand and reverting to the original name of "Channel 5", though he did say "you'll have to talk to the chief executive" about any definite name change.
Although Channel 5 has performed badly in the past, it does have a couple of popular imports, notably Neighbours and CSI. Keeping hold of these will be vital to building a new audience.
Roy Greenslade, in his Evening Standard  column, suggests that Desmond will attempt to mirror his success with OK! magazine by featuring more celebrity programming and seeking more star presenters. Perhaps he will even attempt to forge links between magazine and television by inviting those who appear in the pages of OK! to follow up with a TV appearance on Channel 5.
We can certainly expect him to attempt to cross-promote his different media outlets. European legislation prevents him from advertising his newspapers (the Daily Express, the Daily Star and associated Sunday titles) on television, but there is no reason why he can't promote Channel 5 in the newspapers. Given the Murdoch empire's success in combining print and television, Desmond is bound to follow suit.
Another possibility is that he will cough up the £115m required for the station to rejoin the internet TV platform Project Canvas . The channel was initially withdrawn to save money, but if the venture takes off, Desmond won't want to be left behind as others enter a new market.
Despite Desmond's plans for big investment, he is also going to have to cut costs if he wants to move the channel forward. In line with this, it is rumoured  that Channel 5 will be moving from its base in the West End to the new proprietor's own office in the City.
Finally, I hear from a Daily Express insider that the cost-cutting agenda has become the butt of many a joke in the office. I understand:
The running joke at the Daily Express is that Channel 5 is going to be nothing but a DVD player in a week.
You heard it here first.