Abu-Dhabi backed RedBird IMI makes £1bn swoop on another London media company, All3Media
RedBird IMI, the investment fund helmed by US media titan Jeff Zucker, is set to snap up London-based TV and film production powerhouse All3Media just months after pouncing on the Telegraph Media Group.
In a deal valued at £1.15bn, RedBird IMI will acquire the business from Warner Bros Discovery and Liberty Global who paid £550m for All3Media – the company behind popular shows including The Traitors, Call the Midwife, Squid Game: The Challenge and Gogglebox – in 2014.
The Abu Dhabi-backed investment group also recently struck a deal to buy the Telegraph and Spectator papers after their holding company B.UK, owned by the Barclay brothers, was forced into receivership due to outstanding debt.
Media secretary Lucy Frazer has intervened, with the sale still in limbo until concerns over public interest are resolved.
Former Goldman Sachs banker and the founder and managing partner of RedBird Capital Partners, Gerry Cardinale, said: “Acquiring All3 is an extension of our investment thesis around pure-play global content creators and owners of intellectual property.”
The production company gives Redbird IMI an “incredible platform” to continue to grow its portfolio, according to ex-CNN boss Zucker. Zucker will become chairman of All3Media’s board.
All3Media, which was put up for sale in 2023, has attracted interest from suitors including the French TV production group Banijay, Sony, Goldman Sachs and ITV. Run by Jane Turton, it recorded revenues of over £1bn and profits of more than £100m in 2022.
Turton said: “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.”
Turton will continue in her role as chief executive while Sara Geater will also remain as chief operating officer.