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2023 05 31T204742Z 1 LYNXMPEJ4U0VD RTROPTP 4 WARNER BROS DISCOVERY INC MAX STREAMING
2023 05 31T204742Z 1 LYNXMPEJ4U0VD RTROPTP 4 WARNER BROS DISCOVERY INC MAX STREAMING

Liberty Global and Warner Bros Discovery owners weigh deal for All3Media -sources


Liberty Global and Warner Bros Discovery owners weigh deal for All3Media -sources

By Amy-Jo Crowley

LONDON (Reuters) – The owners of All3Media, Britain’s largest independent TV production company, are exploring options that include cashing out on their joint venture in a deal worth more than 1 billion pounds ($1.26 billion), three people familiar with the matter said.

Liberty Global Plc and Warner Bros Discovery Inc are considering selling their stakes in All3Media to a third party or one of them buying the other out, said the sources.

Warner Bros Discovery selling its stake to Liberty Global would help it trim its $49 billion debt pile, the legacy of the 2021 merger between Discovery and Warner Media that created it.

Discovery created the All3Media joint venture in 2014 with Liberty Global for its content and production capabilities. This is something it no longer needs following its merger with WarnerMedia, which has an extensive movie library and film and television production resources, another person familiar with the matter said.

All3Media generates 12-month earnings before interest, taxes, depreciation, and amortization of about 100 million pounds (EBITDA), one of the sources said.

The sources cautioned that no deal is certain and requested anonymity because the matter is confidential.

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Liberty Global and Warner Bros Discovery declined to comment. All3Media did not immediately respond to requests for comment.

All3Media, which houses more than 50 producers in Britain and abroad, makes a wide range of award-winning shows including “The Traitors,” “The Tourist” and “Call the Midwife.” Britain is responsible for 35% of its revenue, with the remainder coming from North America, Germany, the Netherlands, New Zealand and elsewhere.

All3Media is run by Jane Turton, who was appointed chief executive after the acquisition by Discovery and Liberty Global.

($1 = 0.7923 pound)

 

(Reporting by Amy-Jo Crowley in London with additonal reporting by Paul Sandle in London and Dawn Chmielewski in Los Angeles; Editing by Matthew Lewis)

 

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