Elvis Presley, the Beatles, Bob Marley, Madonna and U2 have been named as founding inductees to the U.K. Music Hall of Fame, details on which were unveiled today (Sept. 9).

Elvis Presley, the Beatles, Bob Marley, Madonna and U2 have been named as founding inductees to the U.K. Music Hall of Fame, details on which were unveiled today (Sept. 9).

The initiative, to be the subject of a series on British commercial broadcaster Channel 4 this fall, pays homage to some of the most influential international artists from each of the past five decades. London-based TV production company Initial developed the format. A venue has not yet been selected.

A steering group comprising artists, executives, broadcasters and reporters selected the five inductees. Universal Music chairman/CEO Doug Morris; Virgin Entertainment Group International CEO Simon Wright and Alison Wenham, CEO of British indie labels trade body AIM, are among the panel's 36 members.

The group has also nominated a shortlist of 50 artists -- 10 associated with each of the past five decades -- on which the public will vote during each of five prime-time weekly broadcasts. Each two-hour broadcast will feature archive footage and exclusive interviews. Viewers can cast votes by phone following each program. The series will culminate in a 90-minute special, which will be broadcast from London's Hackney Empire venue.

The contest will be open to international artists who had the greatest impact on "U.K. music culture." Performers are eligible if their first record was released at least five years prior to nomination.

An "honorary member" will also be celebrated during the finale on the basis of their outstanding contribution to British music.

Initial CEO Malcolm Gerrie told a media gathering this morning that he anticipates the event will galvanize public interest at a comparable level to the Rock And Roll Hall of Fame in the United States. "This will be a unique opportunity for the British public to have their voice heard and decide who turned the pages of music history in the 20th Century," Gerrie said.

Initial is a division of Endemol U.K., which claims to be the largest independent TV production company in Britain. Its production credits include British talent search "Fame Academy" for the BBC and the Brit Awards from 1993-2000 for national network ITV.