All3Media has been sold to US media giants Discovery and Liberty Global in a deal reportedly worth more than £500 million. Discovery Communications, which last month pulled out of the Channel 5 auction, and Virgin Media-owner Liberty Global will be joint owners of the production company.

The sale price is significantly less than the £750 million-plus that All3Media had originally sought when it went up for sale in 2011. The company’s majority shareholder Permira had to stop the sale process after failing to receive bids anywhere near the asking price.

All3Media’s production company subsidaries make a wide range of the UK shows including Skins, The Only Way is Essex, Geordie Shore, Derren Brown, Peep Show, and Gordon Ramsay’s Kitchen Nightmares.

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