The joint venture is valued at more than $1.25 billion.

Warner Bros. Discovery and Liberty Global, joint owners of All3Media, are considering selling the independent TV production company, valued at $1.25 billion.

According to sources quoted by Reuters, the possibilities go from selling their shares to a third party to selling them to each other, leaving WBD or Liberty as the only owner of the production company.

In times of spending cuts, selling its stake in All3Media would allow WBD to cut its debt – created after the merger between Warner and Discovery – by $49 billion.

All3Media was created jointly by Liberty and Discovery in 2014, becoming the UK’s largest independent TV production company. According to Reuters sources, his role is no longer needed by the recently formed WBD.

Another source reported that All3Media generates annual earnings of £100m (before interest, tax, depreciation and amortization).

All3Media has more than 50 production companies around the world and holds the rights to titles such as Undercover Boss, Shameless (UK version), The Circle, Lingo and Fleabag, among others.