The British television production house behind Fleabag and The Traitors has been bought by an Abu Dhabi-backed investment firm for £1.15 billion.

Warner Bros Discovery and Liberty Global have sold All3Media to RedBird IMI as the fund presses ahead with an acquisition spree in the global media sector.

RedBird IMI, a joint venture part-funded by an Emirati royal, is also seeking to buy the Telegraph newspapers and The Spectator magazine and has already invested in Media Res, the Los Angeles-based producer of The Morning Show.

Sheikh Mansour bin Zayed bin Sultan al-Nahyan, the backer of RedBirdIMI, is also the owner of Manchester City FC

KIERAN MCMANUS/SHUTTERSTOCK/REX

The firm is backed by the private funds of Sheikh Mansour bin Zayed bin Sultan al-Nahyan, the vice-president and deputy prime minister of the United Arab Emirates.

The sheikh is a senior member of the House of Nahyan, one