The deal, which was struck in February, has gained regulatory approval in the U.S., UK, and Germany, with All3Media exiting previous owners Warner Bros Discovery and Liberty Global.It is RedBird IMI’s largest single transaction after launching just over a year ago and follows deals for the likes of Media Res, EverWonder Studios, and children’s firm Hidden Pigeon Company.RedBird IMI CEO Jeff Zucker is now Chairman of All3Media, with Jane Turton and Sara Geater continuing to lead the super-indie as CEO and COO respectively.All3Media, based in London, operates 50 production labels, including Studio Lambert, Raw, Two Brothers Pictures, Silverback Films, New Pictures and Neal Street Productions, making shows such as The Traitors, Squid Game: The Challenge, Gold Rush, Midsomer Murders, American Nightmare, The Circle, Call the Midwife, The Tourist and Gogglebox. Its respected sales wing, All3Media International, has a library of around 30,000 hours and it also owns digital business Little Dot Studios.All3Media has been owned by Warner Bros Discovery and Liberty Global since 2014 when it was purchased for around $930M, but it became apparent its parents were looking for an out in March last year. The UK, where All3Media is strongest, has been suffering from an ongoing financial downturn in the TV ad market and most of the main networks have reduced their spend.Despite that, All3Media is a crown jewel in the British production sector and attracted many suitors. ITV came close to acquiring All3Media but backed out last year. A protracted auction saw the likes of Banijay and The North Road Company look closely at a deal. Banijay appeared in the driving seat, but in late December RedBird IMI emerged as the frontrunner and was able to close a deal months later.RedBird Advisors acted as financial advisor to RedBird IMI and RedBird Capital Partners, and Gibson, Dunn & Crutcher LLP acted as legal advisor. JP Morgan acted as financial advisor to Warner Bros. Discovery and Liberty Global, and DLA Piper acted as their legal advisor.RedBird IMI, led by NBC and CNN boss Zucker, is a joint venture between New York private equity firm RedBird Capital Partners and the Abu Dhabi-based International Media Investments (IMI). The company was recently unsuccessful in an attempt to buy British newspaper The Telegraph after continued press freedom concerns were raised.
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