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Logo - Channel 4

Channel 4


Ingenious Corporate Finance has advised Channel 4 on its joint venture (JV) agreement with Emap plc, which aims to create the UK's number one music TV provider.

Under the terms of the agreement, Channel 4 has acquired 50% of Box Television Limited, which owns Emap's music TV business, for a cash consideration of £28 million, subject to a post completion working capital adjustment. The agreement includes a price adjustment mechanism capped at £4 million dependent upon the JV's performance over the next three years. Box Television comprises seven digital music TV channels: The Box, Smash Hits, Kerrang!, Q, Kiss and Magic, and lastly The Hits, which is the UK's most-watched music TV channel.

The JV will benefit from the combination of Channel 4's premium music-based content and expertise in digital channel and platform management and Emap's TV brands and distribution. There will be increased cross-promotional opportunities spanning both media companies' portfolios.