Abu Dhabi-backed RedBird IMI strikes $1.45 billion deal for UK's All3Media

The production house was behind hit TV shows 'Fleabag' and 'Squid Game: The Challenge'

By Reuters

Published: Wed 21 Feb 2024, 10:01 PM

Jeff Zucker-led investment group RedBird IMI has struck a $1.45bn (GBP1.15bn) deal to buy Britain’s All3Media, the production house behind hit TV shows 'Fleabag' and 'Squid Game: The Challenge,' RedBird IMI said.

All3Media, whose film and TV production companies are based in Britain, the US, Germany, the Netherlands, Belgium and New Zealand, has been jointly owned by Warner Bros Discovery and Liberty Global since 2014. The companies bought the firm for GBP550m.

RedBird IMI, launched just over a year ago, is led by former CNN executive Zucker and backed by Emirati royal Sheikh Mansour bin Zayed Al Nahyan, who also owns soccer club Manchester City.

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The All3Media deal is its fifth acquisition and the largest so far, RedBird IMI said.

Zucker, CEO of RedBird IMI, will become chair of the All3Media board, while CEO Jane Turton and chief operating officer Sara Geater will continue to lead the company.

“Acquiring All3 is an extension of our investment thesis around pure play global content creators and owners of intellectual property,” said Gerry Cardinale, founder and managing partner of RedBird IMI.

The acquisition comes at a time when broadcasters are cutting their spending on new shows amid a slump in advertising revenues and the lingering effects of the Hollywood writers’ and actors’ strikes from last year.

All3Media made about GBP1.02bn in revenues for 2022.

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