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Goodman Derrick advises Neon X on the management buy-out of Portland TV from Northern & Shell
Goodman Derrick has advised Neon X and Chris Ratcliff on the management buy-out of Portland TV from Northern & Shell.
Portland TV, established in London Docklands in 1995, was the adult broadcasting arm of Northern & Shell and a market leader in delivering subscription and pay per view services to UK audiences on Sky, Virgin and Freeview. Following the acquisition, Portland TV’s adult channels and on demand services – including Television X – became wholly owned by Neon X.
This deal marks the complete exit of Northern & Shell’s involvement in the UK television industry. Channel 5, previously owned by Northern & Shell, was sold to Viacom in 2014 for £463 million.
Chris Ratcliff of Neon X and who is also Portland TV’s Managing Director, commented:
“Having worked on the launch of Television X in 1995 and with the channel turning 21 this year, it felt like the right thing to do. It’s time to take the business to the next level and reassert Television X’s position in a converged media space in the UK and beyond. We’ve got strong brands, excellent programming, a loyal fan base and a great team to drive the business forward.”
Edward Hoare, Corporate Partner, Goodman Derrick, said: “It has been great working with Chris Ratcliff and Neon X on our first transaction for them. They have a great opportunity to develop the Portland TV business in the ever-expanding UK broadcasting market. We have a long history of advising media companies of all shapes and sizes and I’m pleased that we were able to assist them in putting this deal to bed.”
The Goodman Derrick team was led by Corporate Partner Edward Hoare, along with Media Partner Paul Herbert and senior corporate associate Rudy Capildeo and they were assisted by Real Estate Partner Dagmara Selwyn-Kuczera and Tax Consultant Jane Innes.
About Goodman Derrick LLP
- Goodman Derrick’s corporate team of 17 lawyers is known for its commercial approach to delivering client transactions.
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If you require any further information please contact:
Edward Hoare, Partner, Corporate, Goodman Derrick at firstname.lastname@example.org or on +44 (0)20 7404 0606
James Caulfield, Head of Business Development, Goodman Derrick at email@example.com or on +44 (0)7815 846 124