U.K. broadcaster Channel Four and media group Emap have announced a joint music television venture.

Emap has agreed to sell 50% of Box Television Limited -- which owns Emap's music TV business -- to Channel 4 for £28m ($57.6 million) in a deal which brings together two of Britain's leading cross-platform entertainment providers.

The Emap and Channel 4 project will cover emerging digital growth opportunities, including video-on-demand, in addition to traditional TV broadcasting.

Since purchasing the Box in 1996 for £6m ($12.3 million), Emap's music TV business now also comprises six other digital music TV channels: the Hits, Smash Hits, Kerrang!, Q, Kiss and Magic.

Emap also owns radio stations including Magic and Kiss and many of the U.K.'s biggest consumer magazines, including Q and MOJO. Channel 4 runs several digital channels in addition to its main terrestrial offering and recently won the license for a new digital radio multiplex.

Paul Keenan, Chief Executive of Emap Consumer Media, said in a statement: "This alliance will enable us to increase our music brands' presence on new and emerging platforms, including video-on-demand, opening up new opportunities outside of the traditional broadcast market for both audience and revenue growth. Emap and Channel 4 are likeminded partners and together we make a formidable force in an otherwise fragmenting and challenging market."