RedBird IMI, a joint venture by Gerry Cardinale’s private equity firm RedBird Capital Partners, and International Media Investments (IMI), have agreed a deal to acquire All3Media, a London-based television and film production company for £1.15bn ($1.45bn).
All3Media, responsible for producing the likes of “Fleabag” and “Squid Game: The Challenge”, is Britain’s largest independent television producer and will be acquired from Warner Bros Discovery and Liberty Global, marking the sixth deal RedBird IMI has made since its launch. This deal underscores RedBird IMI’s ambitions of investing in the UK, just months after agreeing to buy the Telegraph newspaper and Spectator magazine.
Jeff Zucker, chief executive of RedBird IMI who will become the chair of the All3Media board, showcased enthusiasm for this acquisition, highlighting All3Media as a premier content firm that would fit into their expansion blueprint seamlessly. Additionally, this transaction reaffirms confidence in the appeal of high-quality content, at a time when traditional broadcasters, such as the BBC, ITV, and Channel 4, are announcing cost-saving initiatives, and the likes of Netflix and Amazon Prime commissioning fewer programmes.
There was strong competition for the acquisition of All3Media, with firms such as Banijay, a French TV production group, Sony, and The North Road Company all suitors. However, RedBird IMI emerged victorious, despite the government scrutiny that has been placed on their deal to buy the Telegraph. This is due to IMI, the entity that owns 75% of RedBird IMI, being controlled by Sheikh Mansour bin Zayed al-Nahyan, the owner of Manchester City football club and the United Arab Emirates vice-president. Ofcom held up this deal, to look at potential press freedom issues due to the majority of funding coming from Abu Dhabi.
However, the acquisition of All3Media is unlikely to face the same scrutiny, and this deal further solidifies RedBird IMI’s position as a key player in the media and entertainment sector. With RedBird IMI’s financial backing and strategic vision, All3Media is set for continued success in delivering content to audiences worldwide.
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