Jeff Zucker and Gerry Cardinale’s RedBird IMI has finalized a £1.15 billion ($1.45 billion) deal to acquire production powerhouse All3Media — the largest TV producer in the U.K. and the company behind such shows as reality series Squid Game: The Challenge and films like World War I epic 1917 — from owners Warner Bros. Discovery and John Malone’s cable and telecom giant Liberty Global.
The deal gives the new owner control over a big production business across scripted and unscripted series as well as theatrical movie titles. Earlier this year, RedBird IMI acquired a stake in Media Res, the studio behind the Apple TV+ shows The Morning Show and Pachinko, among other projects, which was founded by former HBO executive Michael Ellenberg.
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Launched in late 2022 with a $1 billion war chest backed by RedBird Capital and Abu Dhabi’s IMI, RedBird IMI has the mandate to pursue investments in the news, entertainment and sports sectors. Led by Zucker, the former president of CNN and CEO of NBCUniversal, the firm has previously also cut deals to launch the nonfiction studio EverWonder, as well as the sports industry news outlet Front Office Sports. Meanwhile, RedBird Capital has also invested in the likes of Skydance Media, the YES Network, and Matt Damon and Ben Affleck’s Artists Equity.
All3Media, which is led by CEO Jane Turton, owns more than 50 production banners in the U.S., U.K., Germany, the Netherlands, Belgium and New Zealand. Among them are the likes of Neal Street Productions (Call the Midwife, Britannia, Penny Dreadful, Empire of Light), founded by Sam Mendes, Two Brothers Pictures (Fleabag, The Widow, The Tourist), and documentaries maker Raw (The Tinder Swindler) in the U.K.; Germany’s Filmpool (The Real Life); U.K.- and L.A.-based Studio Lambert (Undercover Boss, The Traitors); and All3Media America (Gordon Ramsay’s 24 Hours to Hell and Back).
In 2014, what was then Discovery and Liberty Global agreed to buy All3Media in a deal that put an enterprise value of about $930 million on the company. For Discovery the joint takeover was a way to dip its toe into the water of the production business. But with the 2022 merger of Discovery with AT&T’s WarnerMedia to form Warner Bros. Discovery, led by CEO David Zaslav, the company now owns a big Hollywood TV studio in addition to HBO, making the ownership of half of All3Media less appealing and important to the conglomerate.
Warners and Liberty Global had been looking at a sale of All3Media to a third party but also considered having one of them buying out the other’s 50 percent stake. Observers previously estimated that a deal could possibly fetch 1 billion-1.5 billion pounds ($1.25 billion-$1.87 billion). Potential buyers mentioned by industry sources and analysts included ITV, which previously said it was exploring a possible deal, the likes of production giants Fremantle and Banijay, and private equity giants.
Zucker, the CEO of RedBird IMI, will become the chairman of the All3Media board. Turton and her chief operating officer Sara Geater will continue to lead All3Media for RedBird IMI.
“All3Media is one of the world’s great content companies, and this gives us an incredible platform to continue to grow our expanding portfolio,” said Zucker. “The demand for new shows and ongoing existing series, both scripted and unscripted, makes All3 a perfect fit for us. And we would not be doing this if not for the tremendous confidence we have in the outstanding All3Media management team, led by Jane and Sara.”
Turton said about the deal: “Joining forces with Jeff and the RedBird IMI team is an exciting next step for us as we continue to build All3Media. Our strategy remains to work with the world’s best talent, developing and producing high-quality, popular programs, and RedBird IMI’s support and investment will be key in helping us deliver this.”
The two selling owners also touted the deal. “We are incredibly proud of what All3Media, Warner Bros. Discovery and Liberty Global have built together over the past decade, and given RedBird IMI’s strong commitment to creative excellence, we are confident they are best suited to shepherd this world-class production studio into its next phase and can’t wait to see all that’s ahead,” said Bruce Campbell, Warner Bros. Discovery’s chief revenue and strategy officer.
“All3Media has gone from strength to strength during our period of joint ownership with WBD, both financially and creatively,” added Andrea Salvato, chief development officer at Liberty Global.
