Banijay Entertainment and All3Media have announced a definitive merger structured as a 50/50 joint venture.

The Banijay All3Media Merger’s combined entity will operate under the Banijay name. Ownership will be split between Banijay Group and RedBird IMI. RedBird IMI will roll over its full stake in All3Media into the new company.

The transaction results in €796 million in total cash upstream to Banijay Group.

This includes:

€625 million paid by RedBird IMI to Banijay Group

A €171 million pre-closing dividend from Banijay Entertainment

On a 2024 pro forma basis, the combined business generated more than €4.4 billion in revenue and €690 million in adjusted EBITDA.

Marco Bassetti will serve as CEO.
Jane Turton will serve as Deputy CEO.
Jeff Zucker will serve as Chairman.

The transaction increases scale at a time when platforms are consolidating and commissioning remains selective.

Leadership has emphasized the importance of IP ownership and control as AI reshapes content economics. Retaining and exploiting rights across windows is central to the strategy.

The merger strengthens positioning in the UK and US, where All3Media has significant English-language production presence.

The new entity will be the largest independent production studio outside the United States.

More than 170 labels

Operations across 25 countries

Distribution reach into nearly 250 territories

Approximately 20,000 hours of content produced annually

All3Media’s Little Dot Studios and Banijay Rights will operate together across digital, FAST, social, and OTT monetization.

The combined catalogue exceeds 260,000 hours.

Key unscripted franchises include:
The Traitors, Big Brother, Survivor, Gogglebox, MasterChef, and Squid Game: The Challenge.

Scripted titles include:
Peaky Blinders, Call the Midwife, The Tourist, The Assassin, and House of Guinness.

Banijay (2025):

Acquired a majority stake in Tipico Group

Acquired Admiral Austria

Increased its stake in The Independents

Fully integrated Balich Wonder Studio

All3Media:

Completed its £1.15 billion sale to RedBird IMI in May 2024

Acquired Barnicle Brothers

Launched Seamonster TV, an unscripted label

Banijay Group reported FY 2025 revenue of €4,881 million, up 3.4%.

Production revenue declined nearly 4% to €2.5 billion.
Distribution revenue declined more than 7% to €368.3 million.

Growth was driven by the gaming division, which increased 10%.

Management stated that current market conditions reinforce the rationale for scale. A softer production market increases pressure on margins and heightens the need for durable franchises.

The combined group consolidates a large volume of proven IP under one structure.

This increases leverage in commissioning negotiations, rights retention, and multi-window exploitation.

As platforms tighten budgets and prioritize fewer projects, scale reduces dependency on any single buyer.

The group will have greater ability to structure deals across broadcast, streaming, FAST, social, and live experiences.

The transaction is expected to close in fall 2026, subject to regulatory approvals.

The central execution challenge will be maintaining creative autonomy across 170 labels while managing cost discipline at group level.

The portfolio is anchored in long-running formats. Continued innovation will determine whether scale translates into sustained commissioning strength.

The outcome will depend on how effectively the combined company balances financial structure with creative output.