Company grabs 50% stake in music unit
U.K. hybrid pubcaster Channel 4 has splashed out £28 million ($56 million) for a 50% stake in British media group Emap’s music TV business.The move, which comes ahead of the broadcaster expansion into radio, is designed to strengthen Channel 4′s music activities. Emap, owner of U.K. radio stations and music magazines, runs a portfolio of music channels in Blighty including the Hits, Kerrang! and the Box. Channel 4 chief executive Andy Duncan said: “This is a strategic investment for Channel 4 designed to generate significant revenues that can be reinvested in supporting our public service activity longer term. “Music is an important part of Channel 4′s strategy for future growth, and we intend to further strengthen our cross-platform presence with the launch of three C4-branded radio stations from next year.” The C4 brand is popular among young people. In the past, C4 has considered adding a music channel to its lineup of digital channels.