Liberty takes All3 for $550m

 
Oliver Smith
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LIBERTY Global, the US cable group that bought Virgin Media last year, has jointly acquired UK-based TV producer All3Media with Discovery Communications for £550m.

All3Media produces shows such as Skins, Hollyoaks, and Midsomer Murders and had revenue of around £505m in the financial year ending August 2013. Discovery and Liberty Global said they would each contribute £90m in cash to buy the firm from its founders and private equity firm Permira. “In view of the increased competition for great content and non-linear rights, All3Media represents a smart strategic investment for us over the long-term,” said Liberty’s chief executive Mike Fries.