Channel 4 has held talks with Emap about taking full control of Box Television, home to The Hits and Kerrang! TV, The Times has learnt.

The broadcaster, which bought half of Emap’s music television division in July for £28 million, is understood to have spoken to Emap executives about a price for acquiring the remaining 50 per cent stake.

A deal would be another step in the break-up of Emap. Potential bidders have been shortlisted for the second round of the auction of Emap’s business-to-business, consumer magazines and radio divisions.

Channel 4 is understood to have approached Emap requesting a price for Box Television after the media group announced its plans for a break-up.

A source said that he believed an agreement could be announced as early as this week. Channel 4 and Emap refused to comment.

Emap bought Box in 1996 for £6 million. It now has seven music channels on digital television platforms such as Freeview, including Kerrang!, Kiss, Q and The Hits, the UK’s most popular music channel.

Last year the Box Television division had sales of £27 million and an operating profit of £7 million.

Sources close to Channel 4 said last night that the broadcaster was unlikely to pay as much as £28 million for the remaining 50 per cent if it agreed a deal.

It is understood to be concerned that current cross-promotional possibilities would be lost if Emap’s consumer magazines, such as Q, were taken on by a new owner.

When Channel 4 bought its 50 per cent stake in July, Paul Keenan, the head of Emap’s consumer media division, boasted that the joint venture would become a “formidable force” in the music market.

Channel 4 regularly covers music festivals, such as the Isle of Wight Festival and V Festival, and Andy Duncan, its chief executive, has said repeatedly that music is an important part of its future growth strategy.

Emap, best known for its consumer magazines, such as FHM and Closer, has shortlisted a string of private equity and trade bidders for its three core divisions.

Guardian Media Group is believed to have teamed up with Apax Partners, the private equity group, for Emap’s £1.2 billion business publishing arm.

Providence and Cinven, two private equity rivals, have made it through to the second round of bidding for the consumer magazines division, which is valued at about £700 million.

GCap, home to Capital Radio, is among those eyeing Emap’s £400 million radio division, which includes Magic and Kiss FM.

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax