Jeff Zucker and Gerry Cardinale’s RedBird IMI has emerged as the new frontrunner to purchase U.K. production-distribution outfit All3Media, PvNew understands.
The Financial Times reported on Tuesday that the investment group is in advanced talks to purchase the “Fleabag” producer in a deal worth £1 billion ($1.26 billion). Joint owners Warner Bros. Discovery and Liberty Global put All3Media up for sale earlier this year, after purchasing it in 2014 for £550 million.
Though a source told the Financial Times that a deal could enter exclusive negotiations before Christmas, others cautioned that there are still other parties involved. All3Media has seen several potential buyers get close to a sale and then back out, including French super-indie Banijay, which put in an offer on Nov. 30 but has since exited the race. Additional suitors have included ITV, Goldman Sachs, Sony and the North Road Company.
RedBird, All3Media and Warner Bros. Discovery declined to comment on the matter. Representatives for Liberty Global did not immediately respond to PvNew‘s request for comment.
RedBird IMI has certainly been making its mark in the U.K. as of late, having also put in a bid to purchase national newspapers the Telegraph and the Spectator. In a November interview, Zucker — the former president of CNN and onetime CEO of NBCUniversal — told the Financial Times that he hopes to expand the business into the U.S.
“We believe there is real potential to … establish The Telegraph as a much more global media brand,” Zucker said. “We’ve thought for a long time that the real gap in the U.S. marketplace was a very strong center-right media brand.”
In addition to runaway hit “Fleabag,” All3Media is behind the Jamie Dornan series “The Tourist” and reality TV phenomenon “The Traitors.” The company’s assets include Sam Mendes and Pippa Harris’ Neal Street Productions, Two Brothers Pictures, distribution arm All3Media International and digital agency Little Dot Studios.
