All3 ‘back with a vengeance’ for M&A

All3Media is “back with a vengeance” when it comes to M&A, according to chief exec Jane Turton, who has described her RedBird IMI owners as “supportive shareholders in an unstable world”.

Turton, whose company is in the midst of merger talks with Banijay, admitted it had been a “less busy” period on the M&A front partly because of the RedBird IMI takeover in 2024.

All3’s relative lack of activity over recent years has been in contrast to wider consolidation across the sector, with European rivals such as Paris-based Mediawan growing quickly via deals for See-Saw Films and most recently The North Road Company, the latter made up of Red Arrow Studio entities that All3 had once looked to buy.

“We have been less busy over the last few years because it was a time when we were going through a sales cycle ourselves,” Turton said during a panel at the Realscreen Summit in Miami.

“During those periods it is always harder to acquire and make a commitment to individuals that you’re there for the long run with a stable platform, that’s more difficult with more sensitive conversations,” Turnton said.

Turton pointed to ‘organic’ expansion in the form of recent US activity - including deals with doc producers Barnicle Brothers and development pods within Studio Lambert - but said that larger scale ‘inorganic’ M&A is now a focus.

“We have done less of that, but we are now back with a vengeance and looking again at potential acquisitions and start-ups,” she said.

Stateside moves

All3 is looking for “clever ways” to partner with American scripted producers and Turton said she wants to do more out of the US, but labelled the strategy as “cautiously interested” and “aware of the risks”.

She declined to comment on the Banijay merger, aside from confirming that talks are underway, and said job losses at divisions including Lion TV US were focused on streamlining the group’s companies to ensure competitiveness.

Turton said there were “more examples of bringing people in than pulling anyone out”, adding: “We have to be efficient. These big mergers are partly about driving efficiency and scale - those are the bywords in boardrooms right now, and it’s about whether we are efficient and big and broad enough to be resilient.”

RedBird IMI’s backing has also provided All3 with a “clarity”, Turton added, describing the Jeff Zucker-led entity as a “very supportive shareholder during a time of massive change.”

She continued: “In a shareholder you look for commitment, ambition and a vision and there is no doubt whatsoever that these shareholders of ours are well capitalised and have an ambition for All3.

“They believe in content, they believe in rights and they understand the value of what we do beyond even the fiscal return. All of that is positive.

“The point is we are dealing with an unstable world but with a secure and well capitalised shareholder. And that is a good thing.”