Emap is selling half of its Box Television business for 28 million pounds to Channel 4. The Box portfolio includes the Kiss, Magic, The Hits and Kerrang! television channels. The radio stations with the same name are not affected by the deal, which is subject to a post completion working capital adjustment.
The Emap and Channel 4 joint venture will, we are told, look to exploit new and emerging digital growth opportunities, including video-on-demand, in addition to traditional broadcast revenue streams. It will benefit from the combination of Emap's TV brands and distribution and Channel 4's premium music-based content and expertise in digital channel and platform management, and there will be increased cross-promotional opportunities spanning both media companies' portfolios.
Commenting on the transaction, Paul Keenan, Chief Executive of Emap Consumer Media and Executive Director of Emap, said:
'This alliance between Emap and Channel 4 will enable us to increase our music brands' presence on new and emerging platforms, including video-on-demand, opening up new opportunities outside of the traditional broadcast market for both audience and revenue growth. Emap and Channel 4 are likeminded partners and together we make a formidable force in an otherwise fragmenting and challenging market.'
Emap bought The Box in 1996 for £6m and has built up the network to seven channels: The Hits, The Box, Smash Hits, Kerrang!, Q, Kiss and
Magic.
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