British commercial broadcaster Channel 4 and TV production company Initial are teaming up to launch the U.K. Music Hall Of Fame this fall.

British commercial broadcaster Channel 4 and TV production company Initial are teaming up to launch the U.K. Music Hall Of Fame this fall.

Beginning in November, the multi-media project -- for which a venue has yet to be revealed -- will pay homage to some of the biggest artists from the past five decades. A series of prime-time Saturday night viewing slots will be dedicated to the new format.

A panel, comprising artists, executives, broadcasters and reporters, will help compile a shortlist of five nominees from each decade. Candidates will then be subjected to a public vote. An industry leader will also be honored during an annual ceremony on the basis of their outstanding contribution to British music.

"Despite Britain's position as the second-largest supplier of hits in the world, this will be the first U.K. event to recognize music legends throughout the genres and decades," comments Initial CEO Malcolm Gerrie. "This also represents a huge commitment from Channel 4 to putting music on prime-time TV," he adds, "and for that they must be applauded."

The contest will be open to international artists who have "been successful" in Britain. Performers are eligible if their first record was released at least five years prior to nomination.

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.