US-based investment firm RedBird IMI, the venture capital group run by former CNN president Jeff Zucker and former Goldman Sachs exec Gerry Cardinale, has emerged as the frontrunner to buy London-based film and TV outfit All3Media in a deal believed to be valued over £1bn.
According to The Financial Times, tis in advanced talks with All3Media’s owners Warner Bros Discovery and Liberty Global, which acquired the company in 2014 for £550m.
All3Media owns leading film and TV companies including Pippa Harris and Sam Mendes’ Neal Street Productions and TV outfit Two Brothers.
The FT reported a source familiar with the matter as saying that the deal could enter into exclusive negotiations before Christmas, though other sources warned that a final deal has not yet been struck and that previous advanced discussions for the sale had borne no fruit.
ITV pulled out of acquiring All3Media in July, though it subsequently said it might return to the table if the £1bn pricetag was reduced. Other companies reported to have been interested include Banijay, Goldman Sachs and Peter Chernin’s The North Road Company.
In its most recent annual report, All3Media achieved a record turnover of £1bn in 2022 and EBITDA of £100m.
Abu Dhabi company IMI owns a 75% share of RedBird IMI. RedBird Capital, which owns the other shares, has investments including Skydance Media. Last week it was reported Skydance Media and RedBird Capital are mulling taking a controlling stake in Paramount Global.
All3Media, WBD and Liberty Global all declined to comment.
Tim Dams contibuted to this story.
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