RedBird IMI completes $1.45bn acquisition of All3Media

Squid Game: The Challenge (Source: Netflix)

US investment firm RedBird IMI has completed its acquisition of All3Media from Warner Bros. Discovery (WBD) and Liberty Global.

The deal values the company at £1.15bn ($1.45bn) and marks the largest completed transaction to date for RedBird IMI, whose CEO Jeff Zucker will become chairman of the All3Media board.

Jane Turton (Credit: RTS/Richard Kendal)

Jane Turton remains CEO and Sara Geater will continue in her role as COO, leading the company for the investment company.

The completion of the deal comes three months after it was first confirmed, following news late last year that the Zucker-led firm was leading the race to acquire All3.

It follows a convoluted sales process for The Traitors and Squid Game: The Challenge producer, which had initially attracted interest from a raft of companies including UK commercial broadcaster ITV, The North Road Company and Banijay.

Zucker, CEO of RedBird IMI, will become chairman of the All3Media board, while Jane Turton remains CEO and Sara Geater retains her COO role.

The acquisition secures a considerable profit for WBD (via Discovery) and Liberty Global, which picked up All3 from Permira and the group’s former management team in 2014 for £550m.

RedBird IMI reaches new heights

The acquisition marks a rapid rise for US-based RedBird IMI, which launched a year ago and is 75% backed by Abu Dhabi’s IMI. The latter is controlled by Manchester City Football Club owner Sheikh Mansour bin Zayed al-Nahyan.

The All3Media deal marks its fifth deal, following investments in unscripted firm EverWonder Studios, children’s entertainment company Hidden Pigeon Company and digital outlet, Front Office Sports.

Pachinko

It most recently took an undisclosed stake in Media Res, the production company behind Apple TV+ drama The Morning Show.

Media Res, which was formed in 2017 and is led by former HBO drama chief Michael Ellenberg, is also behind Pachinko and Extrapolations for Apple TV+, I’m A Virgo for Prime Video and Scenes From A Marriage for HBO.

Former CNN boss Zucker described All3 as “one of the world’s great content companies” when confirming the deal in February, adding that it would give his nascent but fast-growing firm “an incredible platform to continue to grow our expanding portfolio.”

He added: “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 [Turton] and Sara [Geater].”

Gerry Cardinale, founder & managing partner of RedBird, added at that time that the acquisition would be “an extension of our investment thesis around pure play global content creators and owners of intellectual property.”

He continued: “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.”

What RedBird has bought in All3Media

The UK-based production and distribution giant is home to 50 productions labels, including Tindler Swindler firm Raw, Gogglebox and Squid Game: The Challenge outfit Studio Lambert and Silverback Films, producer of The Hunt.

The group 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, which saw record revenues of more than £1bn in 2022 with £100m in earnings before interest, tax, depreciation and amortisation, also operates sales division All3Media International, whose catalogue stands at around 30,000 hours.