Jeff Zucker’s RedBird IMI leading race to buy All3Media in $1.26bn deal

Squid Game: The Challenge (Source: Netflix)

Jeff Zucker’s US investment firm RedBird IMI is leading the race to acquire All3Media in a deal valued at around £1bn ($1.26bn).

The Financial Times reports that RedBird IMI is in advanced talks with All3 and could start exclusive negotiations before Christmas, although sources have suggested to TBI that timing would be tight.

RedBird’s emergence as the frontrunner follows a convoluted sales process for the Call The Midwife and Squid Game: The Challenge producer, which had initially attracted interest from UK commercial broadcaster ITV.

Call The Midwife

John Malone holds considerable stakes in both ITV and All3 co-owner Liberty Global, with the broadcaster admitting early this summer it was “actively exploring” an acquisition.

However, negotiations broke down in July after the UK broadcaster balked at the price tag, opening up the race to companies including Banijay, The North Road and Sony, among others.

RedBird IMI is 75% backed by Abu Dhabi’s IMI, which is controlled by Manchester City Football Club owner Sheikh Mansour bin Zayed al-Nahyan.

The investment firm is currently looking to buy fellow UK-based media assets The Telegraph and Spectator magazine, although both of those deals are being held up by regulatory hurdles.

All3’s growth & reach

All3 saw record revenues of more than £1bn in 2022, with £100m in earnings before interest, tax, depreciation and amortisation, and is home to companies including Tindler Swindler firm Raw, Gogglebox outfit Studio Lambert and Silverback Films, producer of The Hunt.

Fleabag

The group, led by Jane Turton, also houses Great British Menu‘s Optomen and Lime Pictures, which has bases in LA as well as the UK, as well as fact ent firm Betty, which is behind Channel 4’s Naked Education and The Undateables.

It sits under Objective Media Group, which offers considerable firepower with labels including Tannadice Pictures and Triple Brew Media.

All3’s UK scripted interests also run deep, with Call The Midwife firm Neal Street Productions, Midsomer Murders outfit Bentley Productions and The Missing‘s Company Pictures among those under the umbrella.

Two Brothers Pictures, producer of Fleabag, The Tourist and Boat Story, is another crown jewel of the drama empire at present, while New Pictures is behind The Blue for Paramount+ and Des for ITV.

All3 also houses The Thief, His Wife And The Canoe producer Story Films, while non-UK interests range from recently launched German scripted division All3Media Deutschland Fiction and Tatort producer Filmpool Fiction, to Stateside powerhouse All3Media America.

The company also operates sales division All3Media International, whose catalogue stands at around 30,000 hours.