All3Media has finally been sold.
Redbird IMI has snapped up the production-distribution giant behind “The Traitors” and Jamie Dornan-starrer “The Tourist” from owners Liberty Global and Warner Bros. Discovery for $1.45 billion.
An investment group run by Jeff Zuckerand former Goldman Sachs banker Gerry Cardinale,Redbird IMI recently revealed plans to acquire the U.K.’s Telegraph newspaper and Spectator magazine.
Jeff Zucker, the CEO of RedBird IMI, will become the chair of the All3Media board. CEO Jane Turton and COO Sara Geater will continue to lead the company 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,” Zucker said. “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.”
Cardinale added: “Acquiring All3 is an extension of our investment thesis around pure play global content creators and owners of intellectual property. We look forward to partnering with All3’s management team to continue accelerating their growth in Europe and the U.S. and capitalizing on RedBird’s ecosystem in support of that goal.”
Turton said: “Joining forces with Jeff and the RedBird IMI teamis 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 programmes and RedBird IMI’s support and investment will be key in helping us deliver this. I amveryproud of all that we have built over the past few years, and I am looking forward to working with the RedBird IMI team as we take this important next step.”
Andrea Salvato, chief development officer, Liberty Global, said: “All3Media has gone from strength to strength during our period of joint ownership with WBD, both financially and creatively. We look forward to seeing the company continue to prosper, led by Jane and the team, as part of RedBird IMI. The sale continues our strategy of recycling capital in our ventures portfolio.”
Bruce Campbell, Warner Bros. Discovery’s chief revenue and strategy officer, said:“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.”
It’s been a long road to a sale, with numerous contenders in the running since the conglomerate was first up for sale last May with a price tag of around £1 billion ($1.2 billion).
ITV were the first to throw their hat in the ring last June when they revealed in a letter to shareholders the network, which already owns ITV Studios, was “actively exploring” a possible acquisition.
Subsequent contenders included Banijay, Mediawan, Peter Chernin’s North Road, Goldman Sachs and Abu Dhabi-backed investment group RedBird IMI.
Sony and Fremantle reportedly expressed interest before ruling themselves out.
In 2022 All3Media reported revenues of more than £1 billion and profits of more than £100 million under current CEO Jane Turton but some prospective buyers were reportedly put off by All3Media’s significant debt burden as well as the economic downturn and changing media landscape.
Liberty Global and what was then just Discovery purchased the company, which now boasts around 50 production labels as well as sales arm All3Media International, for £550 million in 2014. WBD boss David Zaslav, who was at the time Discovery’s president and CEO, was involved in the acquisition.
RedBird Advisors acted as financial advisor to RedBird IMI and RedBird Capital Partners, and Gibson, Dunn & Crutcher LLP acted as its legal advisor.JP Morgan acted as financial advisor to Warner Bros. Discovery and Liberty Global, and DLA Piper acted as their legal advisor.
