Discovery, Liberty Global close All3Media acquisition
| 24 September 2014
Regulatory clearance has been now been given to Discovery Communications and Liberty Global to finalise their buyout of UK super indie All3Media.
The deal, valued at about $930 million, was first announced in May 2014 with each of the partners contributing a 50% stake to buy a company with 19 production companies across the US and Europe. It also offers 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 have assured that they will preserve All3Media's creative autonomy while providing strategic guidance and investment to support its global growth. However, the company's CEO Farah Ramzan Golant is to step down and current COO Jane Turton, has been promoted to Managing Director of All3Media to oversee the transition period. Commenting on the both the deal and her decision, she said: "Having successfully completed the sale of All3Media to Discovery Communications and Liberty Global, I have determined that this is the right time to leave the company to pursue a new challenge...I was appointed as CEO to set the business on a new course for growth and to achieve a successful sale to strategic owners. Once accomplished, I agreed to remain as CEO through the transition of ownership to completion. In my tenure at All3Media, it has been a pleasure to work with the talented people across the group who are making ground-breaking content that finds strong audiences around the world. I know that All3Media is poised for a new period of great creative achievement, and I wish them every success."
"All3Media is a production powerhouse, with a unique ability to attract, foster and retain some of the best creative minds in the business," added Discovery Communications President and CEO David Zaslav. "Working with our valued partner Liberty Global, we will focus on empowering All3Media to continue innovating and delivering even greater stand-out content to its clients and partners across the globe."