(Bloomberg) -- RedBird IMI has agreed to buy All3Media, the London-based TV and film production company behind hits like Fleabag and Call the Midwife, from Warner Bros. Discovery Inc. and Liberty Global Ltd. for £1.15 billion ($1.44 billion).

All3Media, which Warner Bros. and Liberty Global acquired in 2014 for £550 million, is Britain’s largest independent television producer. Led by Chief Executive Officer Jane Turton, All3Media has grown to include 50 production houses and had revenue exceeding £1 billion in 2022, its biggest year ever, according to its website. 

RedBird IMI, a vehicle majority owned by the United Arab Emirates’ International Media Investments and led by former CNN chief Jeff Zucker, is also separately pursuing a takeover of the Telegraph Media Group, which the UK government is investigating. 

“All3Media is one of the world’s great content companies, and this gives us an incredible platform to continue to grow our expanding portfolio,” Zucker said. “The demand for new shows and ongoing existing series, both scripted and unscripted, makes All3 a perfect fit for us.

Zucker will become the chair of the All3Media board and Turton will continue to lead the company along with Chief Operating Officer Sara Geater, the company said in a statement.

The deal amounts to a bet on the struggling television production industry, which is under pressure as broadcasters have cut spending on new shows amid a broad decline in advertising revenue. It is the fifth investment for RedBird, which launched just over a year ago, and its largest to date.

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