RedBird IMI a fund managed by RedBird Capital Partners LLC and International Media Investments FZ LLC agreed to acquire All3Media Limited from Warner Bros. Discovery, Inc. and Liberty Global Ltd. (NasdaqGS:LBTY.A) for £1.15 billion.
February 15, 2024
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RedBird IMI a fund managed by RedBird Capital Partners LLC and International Media Investments FZ LLC agreed to acquire All3Media Limited from Warner Bros. Discovery, Inc. (NasdaqGS:WBD) and Liberty Global Ltd. (NasdaqGS:LBTY.A) for £1.15 billion on February 16, 2024. As a part of acquisition, Jeff Zucker and Gerry Cardinale?s RedBird IMI takes control of a 50-label outfit with production entities across the world that owns the likes of Fleabag maker Two Brothers Pictures, Traitors producer Studio Lambert and 1917?s Neal Street. Post completion of the acquisition, Jeff Zucker, the Chief Executive Officer of RedBird IMI, will become the chairman of the All3Media board. Jane Turton (Chief Executive Officer) and Sara Geater (Chief Operating Officer) will continue to lead the company for RedBird IMI. As a part of acquisition, around 250 people are being laid off at one of All3?s main clients, Channel 4, and several UK production labels have been shuttered in recent weeks. All3Media revenues rocketed 17% to £1B ($1.3B) last year, as we revealed in late June. EBITDA shot up by a similar proportion to £100 million and total group operating profit was up from £26 million to £40 million. The transaction is subject to regulatory approvals and is expected to close in Q2 or Q3 of this year.
RedBird Advisors acted as financial advisor to RedBird IMI and RedBird Capital Partners, and Gibson, Dunn & Crutcher LLP acted as its legal advisor. JP Morgan acted as financial advisor to Warner Bros. Discovery and Liberty Global, and DLA Piper acted as their legal advisor.
Warner Bros. Discovery, Inc. (formerly Discovery, Inc.) is a media and entertainment group organized around two areas of activity:
- TV channel operation and broadcasting in the United States (62.8% of net sales): owned, at the end of 2021, 18 channels for the home, decoration, cooking, and lifestyle (Discovery Channel, HGTV, Food Network, TLC, Animal Planet, Investigation Discovery, Travel Channel, Science Channel, MotorTrend, DIY Network, Cooking Channel, Great American Country, OWN, etc.). The group also develops and operates Internet sites associated with the TV channel names or independent Internet sites (Food.com, FrontDoor.com, etc.);
- international TV channel broadcasting (37.2%).
Net sales break down by source of revenues between sales of advertising spaces (51%), content and audiovisual rights (44.4%) and other (4.6%).
The United States account for 63.4% of net sales.
RedBird IMI a fund managed by RedBird Capital Partners LLC and International Media Investments FZ LLC agreed to acquire All3Media Limited from Warner Bros. Discovery, Inc. and Liberty Global Ltd. (NasdaqGS: LBTY.A) for £1.15 billion.
WARNER BROS. DISCOVERY, INC. 
