  The properties of the early-type binary Cyg OB2 #5 have been debated for many
years and spectroscopic and photometric investigations yielded conflicting
results. We have attempted to constrain the physical properties of the binary
by collecting new optical and X-ray observations. We find that the orbital
period of the system slowly changes though we are unable to discriminate
between several possible explanations of this trend. The best fit solution of
the continuum light curve reveals a contact configuration with the secondary
star being significantly brighter and hotter on its leading side facing the
primary. The mean temperature of the secondary star turns out to be only
slightly lower than that of the primary, whilst the bolometric luminosity ratio
is found to be 3.1. The solution of the light curve yields a distance of 925
+/- 25 pc much lower than the usually assumed distance of the Cyg OB2
association. Whilst we confirm the existence of episodes of higher X-ray
fluxes, the data reveal no phase-locked modulation with the 6.6 day period of
the eclipsing binary nor any clear relation between the X-ray flux and the 6.7
yr radio cycle. The bright region of the secondary star is probably heated by
energy transfer in a common envelope in this contact binary system as well as
by the collision with the primary's wind. The existence of a common photosphere
probably also explains the odd mass-luminosity relation of the stars in this
system. Most of the X-ray, non-thermal radio, and possibly gamma-ray emission
of Cyg OB2 #5 is likely to arise from the interaction of the combined wind of
the eclipsing binary with at least one additional star of this multiple system.
