Discovery, Liberty Global team on $930MN All3Media acquisition
Michelle Clancy 09 May 2014
Discovery Communications and Liberty Global are forming a joint venture to acquire All3Media, an international producer and distributor of TV programming, for about $930 million.
Each will contribute a 50% stake to buy the company from its founders and the Permira funds.
All3Media is an independent production group in the UK, with headquarters in London, which has a strong presence in the US, Germany, the Netherlands and New Zealand. It also has 26 creative centres around the world.
All3Media has a diverse catalogue of more than 8,000 hours of content across numerous genres, with production capabilities in drama, comedy, factual and factual entertainment programming.
Discovery and Liberty Global said that they will preserve All3Media's creative independence and focus on serving its global broadcasting partners. The All3Media group will continue to operate under its own name with its own executive management team, and its existing creative operating model as a standalone, independently managed entity.
"For Discovery Communications, the world's No 1 pay-TV programmer, it has always been about creating compelling content for our global audiences, and this partnership is yet another way for us to work with the best storytellers in the business," said David Zaslav, president and CEO of Discovery. "This venture allows us to work closely with Liberty Global, a valued partner and the largest international cable company, in managing a financially strong, innovative and creatively prolific production company. We are very excited to support All3Media's talented management team as they continue their steady growth around the world."