"All3Media, the producer of 'The Traitors', announces a significant decrease in revenue of $132 million"
Under new ownership by RedBird IMI, All3Media experienced a significant revenue decline in 2024, dropping from £995.1m to £895.9m. This was accompanied by a large pre-tax loss of £113.5m. Despite these setbacks, the company is forecasting revenue growth in 2025 and expects to outperform the £105m EBITDA achieved in 2024.
The financial results for 2024 are All3Media's first under new ownership, following the completion of RedBird IMI's acquisition in May 2024. The challenging market conditions and softer demand led to a slump in revenue nearly £100m year-on-year. The 2024 losses included an £82.3m net finance cost (interest on shareholder loans) and a £62.5m goodwill impairment linked to the RedBird acquisition.
Despite the difficult 2024, the management forecast for 2025 is optimistic, projecting revenue growth and EBITDA improvement beyond the £105m EBITDA base achieved in 2024. The company's EBITDA for 2024 was £105.3m.
All3Media produced over 3,400 hours of programming during 2024, launching several new scripted properties such as "Sunburnt Penguin." The company's flagship entertainment formats, such as "Gogglebox," "Midsomer Murders," "The Cube," and "Liar," continued to perform strongly.
The sale in May 2024 marked the end of All3Media's joint ownership by Warner Bros. Discovery and Liberty Global Holdings, which had controlled the business since 2014. The company underwent a significant restructuring, incurring a £62.6m goodwill impairment charge.
Over 100 returning shows were distributed across more than 200 territories by All3Media in 2024. The Lime Pictures, Optomen, and Seven Stories divisions of All3Media were impacted by the restructuring. "The Traitors" claimed the top spot among unscripted formats in 2024, with 31 versions commissioned across 26 territories.
All3Media, a television production and distribution company, posted revenues of £895.9m for 2024. The company's parent company, DLG Acquisitions Limited, reported an overall loss of £106.9m for 2024. All3Media International Limited's catalog contains over 35,000 hours of content.
All3Media's production companies span comedy, drama, entertainment, factual programming, and digital content, with operations across the UK, US, Germany, Belgium, the Netherlands, and New Zealand. The company's strategy under new ownership emphasizes organic growth through IP development, talent retention, and geographical expansion.
Looking ahead, All3Media expects to see continued improvement and revenue growth from 2024 into 2025. EBITDA growth from 2024 to 2025 is on track, and the company expects to outperform the £105.3m of EBITDA recorded in 2024.
The slowed revenue growth in 2024, despite the challenging market conditions and the restructuring process following the RedBird IMI acquisition, is attributed to the large net finance cost and goodwill impairment, both amounting to over £80m. Despite these setbacks, the anticipated business growth in 2025 is expectant, with All3Media aiming for revenue growth surpassing the £105m EBITDA achieved in entertainment and business sectors.
