KE
They wouldn't be able to just do what they like with Channel 5, as it has got various PSB obligations as part of its broadcasting licence, so any changes which would affect those obligations would have to be approved by Ofcom.
C5 probably won't change much, but if they wanted to use the power of CBS to relaunch it I think closing it and replacing it with a CBS branded channel would be the way to go. Frankly there are probably only 4 brands on C5 worth keeping - Neighbours, Home and Away, Jeremy Vine and Milkshake. Beyond that it is a clean slate.
They wouldn't be able to just do what they like with Channel 5, as it has got various PSB obligations as part of its broadcasting licence, so any changes which would affect those obligations would have to be approved by Ofcom.