Telegraph bidder RedBird IMI races to finalise Traitors deal

THE Abu Dhabi-backed fund pursuing a takeover of The Telegraph is racing to finalise a separate £1bn acquisition of All3Media, the producer of the hit reality television show The Traitors.

Advisers to RedBird IMI are working with their counterparts for All3Media’s current owners, Liberty Global and Warner Bros Discovery, towards an announcement next week.

City sources cautioned that the timetable could yet slip amid last-minute legal wrangles. However, it is understood that Liberty Global, which is also 50pc owner of the broadband and mobile operator Virgin Media O2, hopes to confirm the sale alongside an update to its investors on Thursday.

All3Media is Britain’s biggest independent television producer, working for all the major broadcasters and streaming services. As well as The Traitors, it makes Gogglebox, Call the Midwife and Squid Game: The Challenge. Under Jane Turton, its chief executive, All3Media has expanded to include 50 production houses. In 2022 its turnover climbed 18pc to top £1bn and underlying earnings exceeded £100m. The deal will be a landmark for RedBird IMI, which was founded little over a year ago and has so far completed only relatively small deals in the media industry.

The fund, led by Jeff Zucker, the former CNN chief executive, is 75pc backed by Sheikh Mansour bin Zayed al Nahyan, the owner of Manchester City.

Its planned investment in All3Media is highly unlikely to trigger controversy or regulatory security comparable to its attempted takeover of The Telegraph.

Newspaper ownership is covered by specific laws intended to protect the public interest. The takeover of The Telegraph is under investigation by Ofcom, which is due to deliver a report to Lucy Frazer, the Culture Secretary, by March 11. She will then decide whether to accept that undertakings from RedBird IMI, such as an editorial trust board, would protect press freedom, or refer the deal to the Competition and Markets Authority for months more scrutiny.

The Telegraph first revealed RedBird IMI’s interest in All3Media in November. The producer’s shareholders have been working with advisers from JP Morgan to find a buyer for a year.

Warner Bros Discovery, RedBird IMI, Liberty Global and All3Media declined to comment.

RedBird IMI is pursuing a £1bn takeover of All3Media, which produces The Traitors, presented by Claudia Winkleman, above, as well as Gogglebox and Call the Midwife