All3Media, the production-distribution big behind “Fleabag,” “The Traitors” and Jamie Dornan-starrer “The Vacationer,” will return to the gross sales block in September after ITV backed away from a deal final month.
The indie powerhouse, which is owned by Warner Bros. Discovery and Liberty World, is now being quietly courted by a string of European gamers, from Plan B proprietor Mediawan to Banijay and Sony Photos, in accordance with a number of business sources.
It’s understood that ITV had a preemptive proper to discover an acquisition of All3Media, since each firms have a joint shareholder in Liberty World (which owns practically 9.9% of ITV). Sources point out a deal wasn’t simply possible, it was nearly throughout the end line. Some executives on the firm had been even calculating their redundancy packages because of the overlap between ITV and All3Media’s belongings, significantly on the unscripted facet.
However sources say the temper modified internally final month when ITV introduced to the inventory market that it was not bidding for All3Media, with some suggesting the corporate was spooked by market circumstances and the last word worth for its share worth. Some within the business have additionally pointed to the potential competitors battle, given the 2 firms’ huge manufacturing footprint within the U.Ok.
Citing the London Inventory Change messaging, ITV CEO Carolyn McCall made it clear in a half-year earnings name on July 27 that the corporate was “not actively exploring” an acquisition, however that it had checked out All3Media with “nice curiosity.”
In stepping apart, ITV has now opened the door to different bidders with totally different profiles.
“ITV was the one attainable purchaser for All3Media. Now that they’ve [pulled out], the gross sales course of goes to start out in September,” stated one senior supply with inside information of the sale, who confirmed that All3Media’s price ticket is within the €1.3 billion ($1.4 billion) vary. The September begin date was additionally confirmed by a second senior determine.
Liberty World additionally confirmed throughout final week’s buyers name that the corporate was “launching a broader course of [to sell All3Media], which has already attracted curiosity from strategic and monetary gamers on either side of the Atlantic.” Liberty World and All3Media declined to remark.
A bid is anticipated to return from French firm Mediawan, which is considering constructing a bigger presence in English-language markets and accessing a wealth of premium content material. All3Media’s U.Ok.-based scripted belongings embrace Sam Mendes and Pippa Harris’ “Name the Midwife” and “1917” producer Neal Avenue Productions; “The Vacationer” and “Fleabag” outfit Two Brothers Photos; and “White Home Farm” producer New Photos. Mediawan, which already boasts Drama Republic within the U.Ok., is especially robust in France, Germany Italy and Spain, and not too long ago purchased a majority stake in Brad Pitt’s status banner Plan B.
Banijay would even be a pure match as a purchaser, if just for the numerous bump All3Media would offer its English-language scripted slate. Presently, scripted programming types solely round 25% of your complete Banijay slate, with the overwhelming majority being non-English language.
The corporate has been clear in altering that ratio: Banijay CEO Marco Bassetti advised Selection final yr that the U.Ok. is “a very powerful and costly market.”
Evidently, Bassetti thinks the danger is price it: within the final yr alone, Banijay acquired “Chloe” producer Mam Tor Productions, took a minority stake in “Completely happy Valley” star James Norton’s manufacturing banner Rabbit Observe, and invested in Conker Photos, the brand new firm arrange by BBC commissioner Tommy Bulfin and Apple TV+ drama government Kim Varvell.
Liberty World and Discovery acquired All3Media in 2014 for £550 million ($686 million). Shaped in 2003 and at present led by CEO Jane Turton, the producer has expanded from 20 labels to 50 throughout six international locations and three continents, together with the U.S., U.Ok. and New Zealand.
In 2021, the conglomerate boasted income of £866.6 million ($1.08 billion) — its largest income yr ever. The corporate additionally has a considerable distribution arm, All3Media Worldwide, and a digital company known as Little Dot Studios.
Discovery’s merger with Warner Bros. means it not has a necessity for All3Media’s manufacturing companies whereas Liberty, a shareholder in ITV, has expressed curiosity in shedding “sure belongings” from its portfolio, in accordance with a Telegraph report of the telecoms big’s current earnings name.
