John Malone’s Europe-focused cable giant Liberty Global and US media and entertainment company Discovery Communications have completed their joint acquisition of UK-based TV production and distribution house All3Media. Liberty and Discovery agreed in…
John Malone’s Europe-focused cable giant Liberty Global and US media and entertainment company Discovery Communications have completed their joint acquisition of UK-based TV production and distribution house All3Media.
Liberty and Discovery agreed in May to create a 50:50 joint venture to buy All3Media from its founders and the Permira funds. The deal, which has obtained regulatory clearance, values All3Media at about £550m (US$930m).
Commenting on the closure in a statement today, Liberty CEO Mike Fries described All3Media, which produces content for some of its biggest markets in Europe, including the UK, Germany and the Netherlands, as a natural fit for the company and its content strategy.
“Discovery is the perfect partner too, as they not only commission All3Media content already, but also share our ambition to create compelling, localised content for domestic markets.”
All3Media is comprised of 19 production and distribution companies from across the UK, Europe, New Zealand and US.
In May, the company was recapitalised with what Liberty and Discovery have described as “a structure that provides for a solid financial foundation as the joint venture takes control and All3 Media enters the next phase of growth”.
JP Morgan acted as financial adviser to Liberty and Discovery on the deal.
The acquisition forms part of Liberty’s expansion into European TV markets, which has also seen it acquire the UK’s Virgin Media and UK commercial broadcaster ITV.
All3Media CEO departs
Meanwhile, All3Media CEO Farah Ramzan Golant has decided to step down from the role.
Golant said that, having completed the sale of the company to strategic owners, she determined it was the right time to leave and pursue a new challenge.
A global search for a successor will begin immediately.
COO Jane Turton has been promoted to managing director and will lead All3Media in the transition period.
