RTL, one of the main backers of Five, has said it could increase its stake in the channel, fending off suggestions it would sell to News Corp under proposed new media ownership rules.
Its chief executive, Gerhard Zeiler, confirmed the group would not sell to Rupert Murdoch and even hinted it would consider raising its existing shareholding over the 65% level.
The remaining 35% share is currently owned by publishing group United Business Media, which is fronted by Lord Hollick.
RTL's parent company, German media giant Bertelsmann, has also hinted at increasing its holding in Spanish television station Antena 3.