Mike Fries spoke at the Royal Television Society Cambridge Convention keynote appearance.
So why explore a sale? “The industry is changing,” the Liberty Global boss said. “And studios are searching for scale, especially pureplay studios, like All3Media. So Warner Bros. Discovery, our partner, and we decided that this might be a business that has greater value in a larger platform and could be a catalyst for consolidation and really help transform other studio businesses. So it has nothing to do with the business itself. We love Jane , we love what All3Media does.
Given Liberty Global’s traditional focus on pay TV and telecom business, “it’s not quite as strategic to us as it might be to Warner Bros. Discovery, but they’re in their own situation,” Fries added. “So it’s bittersweet. And let’s see what happens. If we ended up continuing to own it, that would be fine with me as well. But I think it’s an interesting time for All3Media also to find an opportunity to scale up itself because, the management team there, the assets, the studios are world-class.
Questioned about suitors likely to take a look at a deal, Fries said: “We’re just starting the process. And pretty much everybody you could think of is interested, even that company here, ITV.” That was a reference to ITV earlier this year saying it was “actively exploring” a deal for All3Media before
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