Magazine and radio giant Emap Group yesterday announced a major joint venture with Channel 4 to develop digital products and services for the UK youth market. Said Emap chief executive Kevin Hand: "Potentially it could be big. Emap and Channel 4 are two of the biggest names in the youth market."
It is the first time Channel 4 has entered into a joint venture with a large media owner and their first initiative will be a website. But Emap, whose youth titles command over 50% of the UK youth magazine market, has ambitions to be involved in TV programming for E4, the broadcaster's new entertainment channel.
News of the alliance coincided with publication of Emap’s year-end results: £184.3 million pre-tax profit for the twelve months to March compared with £161.6 million last year. The latest figures exclude intangibles and post-acquisition restructuring costs, which depressed profits to £157.3m pre-tax – albeit still 36% up on 1998-99.
News source: The Times (London)