Telegraph suitor to buy Traitors and Fleabag maker for £1.15bn

The Abu Dhabi-backed company which is trying to take over the Telegraph has announced a £1.15 billion deal to buy the production company behind Fleabag and the Traitors.

The deal will see RedBird IMI, which is headed by former CNN president Jeff Zucker, take over London-based All3Media.

It came after an agreement with All3Media’s owners Warner Bros, Discovery and Liberty Global.

Based in London, All3Media has 50 different labels, and has produced some of the most popular shows of recent years.

They include Squid Game: The Challenge, Midsomer Murders, Call The Midwife and Gogglebox.

Its subsidiaries are based in the UK, the US, Germany, the Netherlands, Belgium and New Zealand.

Mr Zucker said: “All3Media is one of the world’s great content companies, and this gives us an incredible platform to continue to grow our expanding portfolio.

“The demand for new shows and ongoing existing series, both scripted and unscripted, makes All3 a perfect fit for us.

“We would not be doing this if not for the tremendous confidence we have in the outstanding All3Media management team, led by Jane and Sara.”

RedBird IMI is majority owned by the vice-president of the United Arab Emirates, Sheikh Mansour bin Zayed Al Nahyan, a fact that has left ministers concerned about its proposed purchase of the Telegraph newspaper.

The Government has ordered an investigation into the deal by regulators Ofcom and the Competition and Markets Authority. They have until March 11 to report.

In the meantime, RedBird IMI and Telegraph Media Group have been banned from making any changes to key staff or the structure of the Telegraph business, which also includes the Spectator magazine.

The All3Media deal is RedBird IMI’s fifth investment since launching around a year ago. It has invested in other media companies such as production firms Media Res and EverWonder Studios, as well as children’s entertainment company Hidden Pigeon Company and Front Office Sports, a digital outlet.