RedBird IMI has agreed to acquire All3Media, the London-based film and television production company, for £1.15 billion.
The film and television production company All3Media is responsible for producing popular series such as Fleabag and Squid Game: The Challenge, from Warner Bros Discovery and Liberty Global.
This deal comes only a few months after the approval of Red Bird IMI, an investment group managed by American media director Jeff Zucker and former Goldman Sachs banker Jerry Cardinale, who is also the founder of Red Bird Capital Partners, which owns the club. The Italian company, AC Milan, agreed to buy the prestigious newspaper The Telegraph and the British magazine Spectator.
Since its establishment as a joint venture a year ago between Cardinale’s Redbird Capital Partners and Abu Dhabi-based International Media Investments (IMI), the group has concluded five deals.
Jeff Zucker, former president of CNN and now CEO of RedBird IMI, will become chairman of All3Media’s board of directors. Jane Terton, CEO of All3Media, and Sarah Gaiter, Chief Operating Officer, will continue to lead the company.
“All3Media is one of the world’s leading content companies, and this gives us a great platform to continue growing our growing portfolio,” Zucker said.
He continued, “The demand for new shows and the continuation of existing series, both scripted and non-scripted, makes All3Media a great fit for us.”
For her part, Jane Tirton, CEO of All3Media, said: “Our strategy remains to work with the best talent in the world, and develop and produce high-quality, popular programming, and RedBird IMI’s support and investment will be key in helping us achieve this.”
This deal represents a major success for Warner Bros. and Liberty Global, which acquired All3Media in 2014 for £550 million.
The deal is also a bet on the long future of the TV production sector, which is facing pressure as broadcasters cut spending on new programming amid a broader decline in advertising revenues.
In the UK, the BBC, ITV and Channel 4 have all announced cost-cutting campaigns, with hundreds of job losses as a result, while international broadcasters such as Netflix and Amazon are commissioning fewer jobs. Programs.
RedBird IMI beats other competitors
RedBird IMI beat out several contenders in the All3Media deal, including French TV production group Banijay, Sony, and The North Road Company, a studio run by former Fox Group chief Peter Chernin.
ITV was also among the bidders for All3Media – both of which considered Liberty Global as a shareholder – but were unable to agree financial terms.
“The acquisition of All3 is an extension of our investment vision focused on global content creators, owners and intellectual property owners,” said Jerry Cardinale, Founder and Managing Partner of Red Bird Capital Partners.
RedBird IMI has come under government scrutiny after taking control of the Telegraph newspaper and The Spectator magazine late last year.
RedBird has agreed to pay debts worth around £600m to the original owners of the Telegraph newspaper group, the Barclay family, prompting Lloyds Banking Group to take control of the assets.
RedBird IMI has been on a flurry of investments in recent months, including:
- Media Res script production company.
- EverWonder Studio is a non-scripted production company.
- Hidden Pigeon Company is a kid-oriented entertainment company.
- Front Office Sports digital platform.
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