Senior bosses at Channel Five will this morning find out their fate under new owner Richard Desmond as he holds a staff meeting to outline how he plans to turn around the channel.

It is believed that as part of the shake-up, which will involve job cuts, Desmond's right hand man and joint managing director at Northern &  Shell, Stan Myerson, will get a senior role in the broadcasting organisation, while the futures of current Five MD Mark White and director of programmes Richard Woolfe are unclear.

One person whose future is not uncertain however is current Five chairman and chief executive Dawn Airey who will stand down from her position and move to a senior position at the previous owner of Channel Five, RTL.

Desmond took over the ailing TV broadcaster last month for £103.5m and has spent the time since then looking at how he can turn the loss-making channel around.

One name in line for a top role at Channel Five is Paul Dunthorne, who heads up Desmond's adult channels, Portland TV.

Desmond has spoken of investing up to £100m a year in programming for the channel and spending the equivalent of £20m on media space to promote the channel.

It is also understood that one cost-cutting measure will be to relocate Channel Five from Covent Garden to Northern & Shells HQ in the city.