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UK’s ITV in sights of Abu Dhabi-backed RedBird IMI

Redbird IMI ITV Coronation Street ITV Studios
Both Redbird IMI and ITV, maker of Coronation Street, above, would hold stakes in the merged studios entity
  • Previous bid for Telegraph thwarted
  • Reports of early-stage talks
  • Possible merger of studios

RedBird IMI, the Abu Dhabi-backed US investment management company thwarted in its attempt to take control of the UK’s Telegraph newspaper group, has turned its attention to a deal involving the British broadcaster ITV.

Discussions have taken place, according to reports, with a view to merging the business of ITV Studios with All3Media, which was bought by RedBird IMI last year in a deal worth $1.5 billion.

All3Media is the UK’s largest independent TV production company, and behind hits such as Fleabag, The Traitors and Gogglebox.

Both RedBird IMI, partly owned by Abu Dhabi’s International Media Investments, and ITV would hold stakes in the merged studios entity, an article by Reuters said.

Such a move would create one of the largest production groups in Europe, with revenue of more than $3 billion according to the report.

ITV, which has 50 years of history producing programmes as varied as Coronation Street and Love Island, and RedBird IMI declined to comment.

Shares in ITV were down 1.28 percent in morning trading on Monday.

RedBird’s attempt to take control of the Telegraph newspaper group was thwarted last yerar by British government legislation

In 2023 RedBird repaid the debts held by the then owners of Telegraph newspaper group, the Barclay family, including a £600 million ($753 million) loan, which effectively gave it control of the Telegraph newspaper titles and The Spectator magazine.

The plan was to take control of the two titles, but the UK crafted legislation blocking foreign governments from owning British newspapers and news magazines.

The Spectator has since been sold in a $131 million deal to the hedge fund boss Paul Marshall, while negotiations over the sale of The Telegraph continue.
The UAE’s IMI owns The National newspaper, Sky News Arabia and Al-Ain News.