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CAMBRIDGE, England (Reuters) -Jeff Zucker, the chief government of Abu Dhabi-backed RedBird IMI, stated Britain’s regulation of media and monetary markets was deterring funding and holding again financial progress.
RedBird IMI purchased Britain’s All3Media, the producer of hit TV present “The Traitors,” final yr for 1.15 billion kilos ($1.43 billion).
It additionally agreed to purchase Britain’s Each day Telegraph newspaper in 2023, however it scrapped the deal after the federal government intervened to cease international states proudly owning newspapers. RedBird Capital Companions, one half of the three way partnership, took management of the title earlier this yr.
“The regulatory setting right here has to alter if the UK goes to proceed to thrive,” Zucker stated on the Royal Tv Society’s Cambridge Conference on Wednesday.
He stated change was not solely wanted in media regulation but in addition in London’s inventory market, the place IPOs are at a 30-year low.
“As we take into consideration investing in firms that we need to develop and possibly finally take public, London just isn’t essentially the place we’d need to do this,” he stated.
“We need to continue to grow All3, we need to finally take into consideration greater firms that may go public, however until the regulatory setting and the foundations round capital on the London Inventory Trade change, I do not assume that is one thing we’d look to do.”
Britain’s monetary regulator stated in July it will ease some regulatory guidelines to make it simpler for firms to boost the cash they should develop.
Zucker stated the standard of British creativity was unmatched and its content material travelled globally, however regulatory impediments have been stopping “us from tripling down right here”.
RedBird IMI was in early talks to purchase British broadcaster ITV’s Studios enterprise, sources informed Reuters in January, however a deal has not materialised.
Zucker stated TV manufacturing would consolidate, however didn’t discuss any attainable targets.
“I believe there will likely be consolidation on this enterprise over the long run, there must be,” he stated.
(Reporting by Paul Sandle. Enhancing by Jane Merriman)
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