EXCLUSIVE: “Softer demand in a challenging market” led The Traitors super-indie All3Media to lose 10% revenue last year, the group said.
The now-RedBird IMI-owned production outfit saw sales, which hit record highs two years back, tumble to £895.9M ($1.2B), according to its full-year 2024 results. EBITDA fell slightly to £105.3M and net debt rose significantly by nearly £60M to £878.1M. Gross profit margin improved slightly to 28.6%.
All3Media, which makes the likes of The Traitors, The Tourist and At Home with the Furys and owns prodcos including Studio Lambert and Neal Street, put the turnover dip down to “softer demand in a challenging market.”
The Jane Turton-led super-producer pointed to a dip in the global linear advertising market and said it was attempting to “mitigate” this via “geographical diversification and a focusing on the programming needs of those broadcasters and media platforms that are less reliant upon advertising as their main source of revenue” such as the streamers and the BBC. It said it is also prioritizing global distribution arm All3Media International.
“Pressure on cash flow due to the general economic environment” was flagged as another risk, mitigated by a revolving credit facility of £50M that is yet to be drawn down.
“US growth and geographical expansion” remains a goal for the group, it said, along with further development of a scripted slate and a big push into premium factual.
Since being acquired by Jeff Zucker and Gerry Cardinale’s RedBird IMI for £1.15B last year, which came with a £90M cash injection, All3Media has been relatively quiet in the M&A market. Today’s results flagged the new All3Media-backed label formed by Lupin co-creator George Kay and a nascent indie run by Bad Sisters EP Clelia Mountford, who exited the company she ran with Sharon Horgan. Speaking at MIPCOM last year, Turton said new label acquisitions or launches over the “next few months or years” were incoming the scripted space. Since then, RedBird IMI has been reported to be interested in ITV, which is rumored to be up for sale.
“The strategy of the Group is to achieve sustainable growth, delivered through a combination of organic growth, acquisition and geographical expansion,” added the results. “The Group comprises a broad range of production companies that develop, produce and exploit strong programme brands covering multiple genres and geographies, thereby diversifying risk across the Group.”
Successful shows last year flagged by All3Media included Netflix hit doc American Nightmare, BBC-Tubi dramedy Boarders and Channel 4’s To Catch a Copper.
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