The £550m ($930m) acquisition of Lime Pictures’ parent company, All3Media, has today been finalised after regulatory clearance.

Discovery Communications announced in May it had bought the UK’s largest independent production company in a 50:50 joint venture deal with Liberty Global.

At the time, it was agreed that both would contribute around £90m ($150m) in cash towards the purchase, but that they would “preserve All3Media’s creative independence”.

As expected, All3Media CEO Farah Ramzan Golant is stepping down, with the new owners saying that a global search for a successor would begin immediately.

Jane Turton, currently COO, has been promoted to managing director of All3Media and will oversee the transition period. Neil Bright will continue in his role as CFO.

All3Media was originally founded in 2003 by former ITV Granada executives Steve Morrison, Jules Burns and David Liddiment, and has since acquired a portfolio of production houses including Lime Pictures and Company. Reported revenues in August 2013 stood at £505m.

Discovery CEO David Zaslav said: “All3Media is a production powerhouse, with a unique ability to attract, foster and retain some of the best creative minds in the business. For nearly 30 years, Discovery has invested in high-quality content and today’s deal furthers that commitment.”