Acquiring The Box Plus Network will also allow Channel 4 to increase the value of its own portfolio.
The UK’s Channel 4 has confirmed a major move.
Since 2007, Channel 4 has owned a significant stake – 50% – in the Box Plus Network. The network has produced and broadcast seven UK music and entertainment channels. These include 4Music, The Box, Box Upfront, Box Hits, Kiss, Magic, and Kerrang.
Channel 4 has now acquired full ownership of The Box Plus Network. The popular UK channel bought the remaining 50% from Bauer Media Group.
Financial terms of the deal remain undisclosed.
Acquiring full ownership of the network will allow Channel 4 to increase value across The Box Plus Network. According to a press release, this will also boost the value of its own portfolio.
Speaking about the acquisition, and the channel’s long-term strategy, Keith Underwood, Chief Operating Officer of Channel 4, explained,
“This transaction brings the UK’s largest and most-watched music television network fully into the Channel 4 family.
“As part of a broader channel portfolio, we will work with the management team of the Box Plus Network to amplify the value of the assets acquired.
“This acquisition forms part of our wider strategy to enhance engagement with youth audiences.”
Underwood also serves as a board member of the Box Plus Network.
Under the deal, Bauer Media Group will continue to license three music brands – KISS, Magic, and Kerrang! – to the network. All three remained Bauer-owned brands.
Paul Keenan, CEO of Bauer UK and European Radio, added,
“Channel 4 are best placed to realize the full potential of the Box Plus Network as 4Music increasingly moves towards broader, entertainment and long-form programming.
“We will continue to license our music brands KISS, Magic and Kerrang! to the Box and would like to thank Matt Rennie and his talented team at Box for great work and give our best wishes for the future.”