All3Media, headed up by former Granada CEO Steve Morrison, completed the deal to buy Mersey TV, which produced the now-defunct 'Brookside', after its chairman Phil Redmond put the business up for sale earlier this year.
All3Media, set up by Morrison in 2003, started buyout talks with Liverpool-based Mersey in April.
Redmond will remain involved in the company as executive producer of BBC children's drama 'Grange Hill'. His wife Alexis will step down as managing director of Mersey TV.
Morrison has appointed former 'Coronation Street' executive producer Carolyn Reynolds as the new chief executive of Mersey TV while Mersey TV's current commercial director Sean Marley has been promoted to managing director.
Redmond, who founded Mersey 23 years ago, said: "This is not the end of anything, but the beginning of a new chapter in the lives of Mersey, Alexis and myself."
Morrison added: "Having worked in the North West for 20 years I have always had the greatest admiration for the way the Redmonds have built up Mersey Television into Britain's largest regional drama producer with some of Britain's best-known programmes."
Mersey TV recently announced it is planning to launch an as-yet-to-be-named 'Hollyoaks' spin-off series for E4.
All3Media was set up by Morrison in 2003 after buying Chrysalis Group's TV assets -- Cactus Television, Bentley Productions and Chrysalis Television -- for around £40m.
All3Media has gone on to make further acquisitions with the purchase of Company Pictures, which is behind Channel 4's 'Shameless' and ITV's 'Rose and Maloney'; Lion TV, producer of BBC One's 'Castaway'; and Assembly, maker of Channel 4's hit comedy 'Black Books'.
Bentley makes ITV's 'Midsomer Murders' and 'Ultimate Force' and Cactus produces Channel 4's 'Richard & Judy'.
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