Deal completes for Lime Pictures owner
Discovery Communications and Liberty Global's deal to buy All3Media, the owner of Liverpool-headquartered Lime Pictures, has been completed.
Details of the transaction, worth £550m, were first revealed in May after Discovery and Liberty formed a joint venture to complete the deal.
Lime Pictures was founded by Brookside creator Phil Redmond as Mersey Television and took on its current name when it was acquired by All3Media in 2005. All3Media had been owned by private equity group Permira since 2006.
David Zaslav, president and chief executive of Discovery, said: "All3Media is a production powerhouse, with a unique ability to attract, foster and retain some of the best creative minds in the business."
Following completion of the deal, All3Media's chief executive Farah Ramzan Golant has stepped down. Jane Turton, current chief operating officer, has been promoted to managing director.
Lime Pictures, which is based in the Childwall area of Liverpool, posted revenue of £65.6m for the year to 31 August 2013, up from £58.8m in 2012. Pre-tax profit rose from £10.9m to £11.4m over the same period.