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 £463m.