ITV refuses to buy manufacturer Gogglebox

ITV said it was considering a takeover bid for All3Media, which makes Gogglebox for Channel 4. Photo: Jude Edginton/Channel 4

ITV withdrew its bid for production company Gogglebox and The Traitors just weeks after confirming its interest.

Last month, the public broadcaster said it was considering a takeover bid for All3Media, the UK's largest broadcaster. television production team.

But in a Friday update, the company said it «continues to monitor, but is no longer looking into acquiring All3Media.»

JP Morgan bankers were called in to auction All3Media, which is jointly owned by Warner Bros Discovery and Liberty Global.

ITV was seen as a likely bidder as Liberty also owns a 10 percent stake in the broadcaster.

One industry source suggested that Liberty could still bid for Warner Bros Discovery and take control of All3.

UK TV production company All3media is also producing the BBC hit The Traitors. Photo: Mark Mainz

The takeover would allow ITV to expand its thriving production arm, a key growth area for the company as its traditional advertising business shrinks. .

Channel 4's rival expressed concern this week over ITV's deal with All3Media, warning that it could hurt competition in the market.

All3Media is preparing many shows for Channel 4, in including Gogglebox, Four in a Bed and Travel Man. .

Gogglebox is the second biggest show on Channel 4 after The Great British Bake Off. The late June celebrity release of the program attracted 3.8 million viewers, according to Barb's latest figures.

A Channel 4 source said earlier this week: «All3 is a major supplier to us and we certainly would like it to continue. You can see why ITV would want to buy it — it's a great company and fits in with their own diversification strategy.

“The addition of All3 to ITV Studios will be a very big player in the UK production market. and we will always strive to ensure healthy competition in the market.”

An ITV insider downplayed those concerns, saying the combined ITV Studios and All3Media would control less than 10% of the £10bn UK content. The market.

All3Media, headed by former ITV chief executive Jane Turton, was bought by Liberty and Warner Bros in a £550m deal in 2014, betting on the «golden age» of television.

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The company has recently increased its investment in high-end dramas in an attempt to cash in on the streaming boom.

But the deal saddled Warner Bros with significant debt, now at $49. Liberty also said it could benefit from the sale of assets from its portfolio.

Other potential buyers include French manufacturing giant Banijay, as well as private equity firms.