Welcome to All3Media

Transaction with Warner Bros. Discovery and Liberty Global, Valued at £1.15 Billion, is RedBird IMI’s Largest Investment To-Date

NEW YORK, NY – February 16, 2024 – RedBird IMI today announced that it has agreed to
acquire All3Media, one of the world’s leading independent television production and
distribution companies, from its joint owners, Warner Bros. Discovery, Inc. (Nasdaq: WBD)
and Liberty Global Ltd. (Nasdaq: LBTYA, LBTYB and LBTYK) for £1.15 Billion. RedBird IMI is a
joint venture between RedBird Capital Partners and International Media Investments
focused on building high-growth companies in media, entertainment and sports.

All3Media, based in London, has 50 production labels, including Studio Lambert, Raw, Two
Brothers Pictures, Silverback Films, New Pictures and Neal Street Productions, producing top
global shows such as The Traitors, Squid Game: The Challenge, Gold Rush, Midsomer
Murders, American Nightmare, The Circle, Call the Midwife, The Tourist, Life On Our Planet,
The Long Shadow and Gogglebox. All3Media’s library spans all genres, including
contemporary thrillers, detective series, soap operas, comedy, costume drama and true
crime as well as documentary, features, children’s and reality programming. The Group’s
companies have global presence, across the UK, US, Germany, the Netherlands, Belgium and
New Zealand and produce 4,000 hours annually for linear broadcasters, VOD, social media
and other digital platforms. All3Media International operates a distribution catalog of over
30,000 hours, while the Group’s digital business, Little Dot Studios, drives audiences in social
video, podcast, and branded content across multiple platforms.

Jeff Zucker, the CEO of RedBird IMI, will become the chairman of the All3Media board. Jane
Turton (CEO) and Sara Geater (COO) will continue to lead the company for RedBird IMI.

“All3Media is one of the world's great content companies, and this gives us an incredible
platform to continue to grow our expanding portfolio,” said Jeff Zucker, the CEO of RedBird
IMI. “The demand for new shows and ongoing existing series, both scripted and unscripted,
makes All3 a perfect fit for us. And we would not be doing this if not for the tremendous
confidence we have in the outstanding All3Media management team, led by Jane and Sara.”

“Acquiring All3 is an extension of our investment thesis around pure play global content
creators and owners of intellectual property,” said Gerry Cardinale, Founder and Managing
Partner of RedBird. “We look forward to partnering with All3’s management team to
continue accelerating their growth in Europe and the U.S. and capitalizing on RedBird’s
ecosystem in support of that goal.”

Jane Turton, the CEO of All3Media, said: “Joining forces with Jeff and the RedBird IMI
team is an exciting next step for us as we continue to build All3Media. Our strategy remains
to work with the world’s best talent, developing and producing high quality, popular
programmes and RedBird IMI’s support and investment will be key in helping us deliver this.
I am very proud of all that we have built over the past few years, and I am looking forward
to working with the RedBird IMI team as we take this important next step.”

“All3Media has gone from strength to strength during our period of joint ownership with
WBD, both financially and creatively,” Andrea Salvato, Chief Development Officer, Liberty

Global, said. “We look forward to seeing the company continue to prosper, led by Jane and
the team, as part of RedBird IMI. The sale continues our strategy of recycling capital in our
ventures portfolio.”

“We are incredibly proud of what All3Media, Warner Bros. Discovery and Liberty Global
have built together over the past decade, and given RedBird IMI’s strong commitment to
creative excellence, we are confident they are best suited to shepherd this world-class
production studio into its next phase and can’t wait to see all that’s ahead,” said Bruce
Campbell, Warner Bros. Discovery’s Chief Revenue and Strategy Officer.

RedBird IMI launched just over one year ago, with the goal of building a global media
company across news, entertainment and sports. This is the fifth investment for RedBird
IMI, and its largest to-date. Its investments include the scripted production company Media
Res, the unscripted production company EverWonder Studios, the children’s entertainment
company Hidden Pigeon Company and the digital outlet Front Office Sports.

Advisors
RedBird Advisors acted as financial advisor to RedBird IMI and RedBird Capital Partners, and
Gibson, Dunn & Crutcher LLP acted as its legal advisor. JP Morgan acted as financial advisor
to Warner Bros. Discovery and Liberty Global, and DLA Piper acted as their legal advisor.

About RedBird IMI
RedBird IMI is a joint venture between RedBird Capital Partners, a New York based private-
equity firm founded and led by Gerry Cardinale, and International Media Investments (IMI),
a global media company based in Abu Dhabi. RedBird IMI is focused on investing in premier
companies across news, media, entertainment, sports and live event verticals.

About RedBird Capital Partners
RedBird Capital Partners is a private investment firm that builds high-growth companies
with strategic capital solutions to founders and entrepreneurs. The firm currently manages
approximately $10 billion in assets on behalf of a global group of blue chip institutional and
family office investors. Founded in 2014 by Gerry Cardinale, RedBird integrates
sophisticated private equity investing with a hands-on business building mandate that
focuses on three core industry verticals – Sports, Media & Entertainment, and Financial
Services.  Throughout his 30-year investment career, Cardinale has partnered with founders
and entrepreneurs to build some of the most iconic growth companies in their respective
industries. For more information, please go to www.redbirdcap.com.

About All3Media Group
All3Media’s companies develop and produce award-winning, high quality and popular new
and returning programming across all genres. The Group, which has grown from 19
production companies and labels a decade ago to 50 today, is focused on innovation,
creative excellence and entertaining audiences with world-class programming, from long-
running series through to the launch of new formats, new talent and new business models.
All3media.com