This morning, Banijay Group has declared that it will become the new global powerhouse of media production and audience engagement, backed by the most valuable IPs in modern entertainment.
A deal speculated on since last summer, today Banijay announced that it had agreed terms with RedBird IMI, the media investment fund backed by RedBird Capital Partners and Abu Dhabi’s IMI, to combine Banijay Entertainment with All3Media.
The combination will see Banijay Entertainment become the outright largest media, IP and content production business, valued at approximately €7–€7.5bn. The enlarged business will be held under a 50/50 ownership of Banijay and RedBird IMI as Banijay Entertainment absorbs the All3Media properties of Gogglebox, The Traitors, Undercover Boss and Call the Midwife.
Leadership of the combined studio will be entrusted to Marco Bassetti, currently CEO of Banijay Entertainment, while All3Media CEO Jane Turton will take the role of Deputy CEO. Jeff Zucker, CEO of RedBird IMI, will chair the board of the newly formed entity.
On a pro-forma basis, the enlarged production group would have generated revenues exceeding €4.4bn and an adjusted EBITDA contribution of €690m. For Banijay Group as a whole, including its broader assets portfolio, pro-forma revenues are projected at around €7.5bn with EBITDA reaching €1.5bn.
Marco Bassetti, CEO of Banijay Entertainment, commented: “It’s the next phase of our journey, our DNA remains integral to our commitment to building a media and entertainment company that can stand its own, and the test of time, on the global stage.
“One that can attract and retain the best talent, one that has the means to truly invest in ideation and building the franchises and live events of tomorrow, and one that can lead the way on adopting new technologies, new platforms and new routes to audiences – a truly diversified media and entertainment powerhouse.”
A transformed Banijay aims to position itself as an “unmatched independent production studio in global entertainment”. Merging operations with All3Media will see Banijay Entertainment encompass a content catalogue exceeding 260,000 hours and an annual production output of approximately 20,000 hours across scripted, unscripted, factual and live formats.
The merger of All3Media’s IP portfolio carries strategic significance for Banijay Entertainment and its new ambitions of becoming a leading developer of “premium entertainment content for global streaming platforms and media owners”, while expanding its catalogue to strengthen “its footprint across English-speaking geographies”.
Analysts have observed the transaction and forthcoming merger as a breakthrough deal for European media, potentially reshaping the competitive landscape of global content production and offering a credible European challenger to the dominance of US-based studios.
Taking the role of Chair of Banijay Entertainment, Jeff Zucker, said: “When we formed RedBird IMI three years ago, we dreamed of creating a world class, diversified entertainment company that reaches global audiences across scripted and unscripted programming, live events and digital. With this combination of Banijay Entertainment and All3Media, we have realised that goal, and are thrilled to partner with the entire Banijay team.”
Tipico transformation
In 2026, Banijay has outlined its aims to transform its business outright, as the company moves to complete the merger of Tipico Sportwetten for €4.6bn, first announced in October 2025.
The deal will see the enlargement of the “Banijay Gaming” unit that will consist of Betclic, France’s largest online sportsbook, combined with Tipico, Germany’s largest sportsbook brand across both retail and online channels.
The combination of Betclic and Tipico targets pro-forma revenues of approximately €3.0bn for the combined gaming business, and EBITDA in excess of €900m – giving Banijay the opportunity to expand its gambling customer base to around 6.5 million active players across its European markets.
Banijay Gaming is led by Betclic founder Nicolas Béraud, who oversees the group’s betting portfolio, including Betclic, Tipico and Admiral. Leadership views the enlarged gaming unit as a strategic pillar of Banijay’s diversified growth model, pairing the scale of a continental European betting champion with the group’s expanding global entertainment and media production operations.
Under a new corporate structure, Banijay Group has told investors that it has no immediate plans to spin off its gaming division.
François Riahi, CEO of Banijay Group, said: “This transaction represents a decisive step in Banijay Group’s strategy to reinforce its leading position in global entertainment. Banijay Entertainment and All3Media are highly complementary platforms with exceptional creative assets and global ambition. In all our businesses, we are leading consolidation, and this transaction is another demonstration of this in content production, just as the acquisition of Tipico announced recently in sports betting and online gaming.”
Instead, management is cautiously weighing opportunities to integrate the group’s entertainment intellectual property with its flagship gambling brands – a strategy that remains dependent on future regulatory revisions to online gambling laws in France and Germany.
The enlargement of Banijay Gaming comes as both Betclic and Tipico undertake significant adjustments in their respective home markets, responding to an effective 50% GGR tax burden on online gambling revenues.
Analysts will now turn their attention to Banijay Group’s FY2025 results and investor call scheduled for Thursday, 5 March, as they look to seek clarity on integration plans, debt positioning and the economic outlook for a business entering what leadership has described as a transformational era as of 2026.
