A month after it said it was exploring the possible acquisition of “Fleabag” and “The Traitors” producer All3Media, U.K. broadcaster ITV is no longer actively exploring it.
In a filing with the London stock exchange on Friday, the “Love Island” broadcaster said: “Further to its announcement on 16 June 2023, ITV plc confirms it continues to monitor but is no longer actively exploring the possible acquisition of All3Media. ITV plc assesses all potential value-creating M&A opportunities against its strict financial criteria and disciplined capital allocation framework.”
ITV’s statement of interest in June, where it said that it is “actively exploring the possible acquisition of All3Media,” came with the caveat, “there can be no certainty as to whether any transaction will take place, nor as to the terms of any such transaction. A further announcement will be made if and when appropriate.”
London-headquartered TV producer All3Media is responsible for shows including “Gogglebox,” “Call the Midwife” and Jamie Dornan-led drama “The Tourist.” The company had been put on the sales block by owners Liberty Global and Warner Bros. Discovery, with JP Morgan overseeing a deal.
If it goes ahead, the sale could generate more than £1 billion ($1.2 billion).
Liberty Global and Discovery acquired All3Media in 2014 for £550 million ($686 million). Formed in 2003 and currently led by CEO Jane Turton, the producer has expanded from 20 labels to 50 across six countries and three continents, including the U.S., U.K. and New Zealand. Among them are Sam Mendes’ production company Neal Street, Studio Lambert and Lime Pictures. Last year, it invested in sports production outfit 3 Rock.
Liberty Global has a 9.9% stake in ITV, valued at £280 million.
ITV’s financial situation is robust, per the annual results declared in March. Total group revenue was up 7% to £4.3 billion ($5.3 billion) and total external revenue was up 8% to £3.7 billion. ITV Studios total revenues grew 19% to £2 billion.
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