All3Media expands into Germany

All3Media is to move into the German production industry after securing a deal to acquire one of Germany's biggest independents.

The deal for MME Moviement, which produces Top of the Pops and a German version of the BBC's Great Britons, Unsere Besten, sees All3Media offer €7 per share for a 58% stake, valuing the German company at €78.3.

All3Media's German arm, Pertus Zehnte, will be renamed All3Media Deutschland, and has entered a share purchase agreement with MME's management to buy all of their combined shares in the company at €7 per share, bringing All3Media's stake to 97%.

Once MME accepts the public takeover, Pertus Zehnte will then secure the final 3% of the company.

All3Media chief executive Steve Morrison said: "MME Moviement has a very talented group of production companies run in a similar creative culture to ourselves. For All3Media, this is a milestone in our development towards an international independent TV production group."

Venture capitalist firm Permira paid £320 million for a majority stake in All3Media last August, putting pressure on the company, which already owns nine production companies including Lime Pictures and Cactus TV, to continue its rapid growth.