The parent company of Birmingham TV production houses Maverick and North One Television has been bought by a US joint venture in a deal worth £550 million.

Discovery Communications and Liberty Global have formed a 50:50 JV to acquire All3Media from its founders and the Permira funds.

Maverick's credits include Ten Years Younger, Embarrassing Bodies and Billy Connolly's Route 66 while North One Television is behind motoring series Fifth Gear and The Gadget Show.

All3Media is the largest independent production group in the UK and also has bases in the US, Germany, Netherlands and New Zealand, posting sales of £505 million for the year August 2013.

Discovery Communications and Liberty Global said they would preserve All3Media's creative independence and focus on serving its global broadcasting partners.

All3Media will continuing to operate under its own name with its own executive management team.

Chairman and co-founder Steve Morrison said: "I am delighted the new strategic owners come with a long-term view of the importance of building a leading global content company and appreciate All3Media's distinctive philosophy of creative freedom and diversity.

"This new partnership will enable All3Media to expand further through multiple avenues of growth around the world, including in the US market, which has been a driver for our business for the past several years."

David Zaslav, president and chief executive of Discovery Communications, said: "For Discovery Communications, it has always been about creating compelling content for our global audiences and this partnership is yet another way for us to work with the best storytellers in the business.

"This venture allows us to work closely with Liberty Global, a valued partner and the largest international cable company, in managing a financially strong, innovative and creatively prolific production company."

All3Media was advised by Centerview Partners (finance), Clifford Chance and Shearman & Sterling (both legal).