Warner Bros. Discovery appears to be trimming down its asset portfolio.
The media company and joint owner Liberty Global have agreed to sell independent TV production and distribution company All3Media to media investment company RedBird IMI. The deal is valued at £1.15 billion.
“[G]iven RedBird IMI’s strong commitment to creative excellence, we are confident they are best suited to shepherd this world-class production studio into its next phase and can’t wait to see all that’s ahead,” Warner Bros. Discovery’s Chief Revenue and Strategy Officer Bruce Campbell said in a statement.
London-based All3Media, which as more than 50 production labels, has produced shows and movies like The Traitors, Squid Game: The Challenge, Midsomer Murders, Call the Midwife, Fleabag, 1917, Penny Dreadful, Undercover Boss, and more.
“The demand for new shows and ongoing existing series, both scripted and unscripted, makes All3 a perfect fit for us,” Jeff Zucker, RedBird IMI’s CEO, said in a statement.
RedBird IMI, which launched a year ago, also has investments in production company Media Res, EverWonder Studios, Hidden Pigeon Company, and Front Office Sports.
The sale comes as the entertainment industry is struggling to financially recover from a rough last three years.
Warner Bros. Discovery struggled last year during the Hollywood writers and actors strike. At the time, CEO Gunnar Wiedenfels said the media company was “really shut down” from an operational and financial standpoint.
Prior to the All3Media sale, Warner Bros. Discovery was examining cost-cutting options last year including selling off its music library and certain publishing assets. The company also shut down GCN+ amid a “broader strategy to consolidate its streaming services.”
“Our strategy remains to work with the world’s best talent, developing and producing high quality, popular [programs] and RedBird IMI’s support and investment will be key in helping us deliver this,” Jane Turton, All3Media’s CEO, said in a statement. “I am very proud of all that we have built over the past few years, and I am looking forward to working with the RedBird IMI team as we take this important next step.”
Please follow us on Facebook and X for more news, tips, and reviews. Need cord cutting tech support? Join our Cord Cutting Tech Support Facebook Group for help.