NO!
and again NOOOOOO!!!!!!!
TV is a stimulant. I can remember when my son was small (like 2 and 3 years old) and we had a decent bedtime routine in place. He slept in his own bed in his own room, slept all night, and only went thru maybe one or two brief phases of him coming to the side of our bed during the night. We did what you normally have done: teeth, potty, maybe a bath before that, prayers and reading a book (or two).
My husband's cousin had a son just a few months older than our son. We would go to visit husband's aunt (the grandma) and they would be keeping the little one for the weekend so the boys could play together. He never was made to go to bed in any real way. He had his own room at Grandma's house, with a twin bed and a TV with a VCR/DVD player. He'd sit up (and as long as he was quiet and didn't come out) and stay up until midnight watching movies before he'd eventually conk out and fall asleep. I hated the expectation that our son would spend the night with them so the boys could play. Our son would happily stay awake until midnight watching movies... and be miserable the next day, and make the rest of us miserable too.
TV, if you read any of the studies, is one of the worst things ANYone can do right before bed... not just kids. Adults too. The flashing lights, etc make it very difficult to drift off, and then when you do, your sleep is disturbed by the ambient light still in the room on the screen. Not to mention whatever subconscious activity related to what you've seen on the TV just before falling asleep.
What will happen if you allow it say.... 5, 6, 7 or 8 years from now? When he is awake at 10 pm b/c he hasn't seen the end of the movie yet, or when he has a set in his room and is watching things you don't want him watching b/c he is a 13 yr old who is smart enough to do so without you realizing?
It is just SOOOOO Much easier to say no, and go back to "normal" right away. In a day or two, he'll be over it. Tell him that watching TV before bed is only for special occasions or events like vacation or something. He can understand that perfectly well. If you enforce it. He's 5. He may not like it, but he can understand it and he will be fine.