by Amy-Jo Crowley and Paul Sandle
Banijay, the French television production group owned by FL Entertainment
FLE.AS , has pulled out of negotiations to buy British rival All3Media, three people with knowledge of the matter said.
All3Media co-owners Liberty Global LBTYA.O and Warner Bros Discovery WBD.O are looking to strike a deal with another buyer in hopes of reaching an agreement by Christmas, one of these people said . The identity of this bidder could not be revealed by Reuters.
Bidders submitted firm offers for the maker of “Fleabag” and “The Traitors” last month, with the owners seeking a price of around 1.3 billion pounds ($1.64 billion), reported Reuters last month.
But Banijay, which produces “Big Brother,” “Survivor” and “Black Mirror,” pulled out earlier this week after failing to meet the seller’s price expectations, two of the people said, under covered by anonymity.
Spokespeople for Banijay, Liberty Global and Warner Bros. declined to comment.
A tough advertising market and steep losses at streaming broadcasters have dampened appetite for content and driven down valuations of some production companies.
British broadcaster and producer ITV ITV.L was in talks to buy All3Media earlier in the year, but said in July it was no longer “actively exploring” a deal. She added that she would continue to “monitor” the situation.
Peter Chernin’s North Road Company also withdrew from the auction after submitting a bid, Reuters reported last month.
Warner Bros Discovery and Liberty Global bought All3Media in 2014 for an enterprise value of around £550 million.
($1 = 0.7935 pounds)