Here’s the full announcement of the merger plan, per Banijay.
Banijay Group and RedBird IMI, the joint venture backed by RedBird Capital Partners and Abu Dhabi-based IMI media group, have entered into a strategic partnership to merge Banijay Entertainment (inclusive of Banijay Live[1]) and All3Media, creating a global media and entertainment powerhouse. The new company will be called Banijay.
The new company, producer of hits including The Traitors, Big Brother, Survivor, Peaky Blinders, Gogglebox, House of Guinness, The Assassin and Oscar-nominated Hamnet, together with theatre productions such as multi-award winning The Lehman Trilogy, will be jointly owned by Banijay Group and RedBird IMI, with each holding a 50% stake. Banijay Group (AMS: BNJ) will continue to consolidate the new company’s earnings[2].
After completion of the transaction, Marco Bassetti, currently CEO of Banijay Entertainment, will serve as CEO of thenewly formed group and Jane Turton, currently CEO of All3Media, will become Deputy CEO. Jeff Zucker, CEO of RedBird IMI, will become Chairman of the Board of the new combined entity.
This strategic combination positions the company to lead the global content industry, strengthening scale, IP ownership, and exposure to key growth segments:
- Bolster scale in the global entertainment industry.
- Attracting and retaining world class talent.
- Grounded in IP ownership across a deep and diverse content portfolio, bringing together world-class IP under one roof and creating the industry’s leading content catalogue of more than 260,000 hours of multi-genre content, including ~45 formats produced in more than 3 territories in 2025.
- Strengthen positioning with global streaming platforms through the combination of Banijay Entertainment, the most diversified content production platform, and All3Media, with its strong presence across key English-speaking geographies, including a stronger footprint in the UK and the US.
- Accelerate IP monetization, continue diversifying our offering and create new revenue streams through digital and live adaptations, leveraging complementary capabilities across digital – through Little Dot Studios and Banijay Rights – and live experiences, through Banijay Live.
In addition to strategic growth opportunities, the transaction is expected to deliver approximately €50m of cost synergies. The full run-rate is expected to be achieved within 12 months post-closing of the transaction.
This transaction results in a full equity roll-over of RedBird IMI’s entire stake in All3Media into the new combined entity. This implies a total cash upstream for Banijay Group of €796m, including a payment of €625m to Banijay Group by RedBird IMI and a €171m pre-closing dividend[3] paid by Banijay Entertainment to Banijay Group to reflect the valuations of All3Media and Banijay Entertainment agreed for the purpose of the transaction. This demonstrates a long-term partnership between two pioneers in the entertainment industry and a full alignment on future value creation.
On a pro forma basis, the combined entity would have generated revenues exceeding €4.4bn and adjusted EBITDA of €690m[4] in 2024, bringing Banijay Group’s total 2024 pro forma revenues to €7.4bn5 and adjusted EBITDA to €1.5bn[5].
Banijay Group’s post-transaction leverage is expected at ~3x[6], at the end of 2026.
The proposed transaction is subject to customary regulatory approvals, and is expected to close by the fall of 2026.
Jeff Zucker, CEO of RedBird IMI: “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 realized that goal, and are thrilled to partner with the entire Banijay team.”
Stéphane Courbit, President of Lov Group Invest: “We are delighted to continue to lead the consolidation of the independent content production industry with the combination of Banijay Entertainment and All3Media, creating an even stronger powerhouse. I am also especially pleased to build a partnership with RedBird IMI, with whom we share the same vision for the industry.”
François Riahi, CEO of Banijay Group: “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.”
Marco Bassetti, CEO of Banijay Entertainment: “Since its inception, Banijay has been driven by entrepreneurialism, ambition, and creativity. In the next phase of our journey, this 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.”
Jane Turton, CEO of All3Media: “All3Media has grown from a start-up in 2003 to a globally successful creative business. First and foremost, we are a group where creative and commercial excellence go hand in hand. We celebrate talent and believe in collaboration, ambition and innovation in creating and producing both stunning programmes and delivering impressive financial returns. I am looking forward to working with Marco as All3Media and Banijay embark on this next exciting phase.”
Building a global content platform with broader catalogue and iconic superbrands
By uniting Banijay Entertainment and All3Media, Banijay Group and RedBird IMI are building a global content leader, expanding an extensive content pipeline and bolstering a standout creative talent offering, while preserving an entrepreneurial creation model.
In an industry characterized by accelerating consolidation amongst global clients, this combination creates a global platform to engage with partners on a more balanced footing, while sustaining long-term creative independence.
The combined group would encompass more than 170 creative labels across 25 countries, operating in all major English-language geographies and distributing content in nearly 250 territories worldwide.
With a combined catalogue exceeding 260,000 hours of content and approximately 20,000 hours produced annually, the group will hold the largest combined catalogue, spanning diverse and valuable IP in scripted, unscripted, factual and natural history, underpinned by a proven ability to create and scale global superbrands.
A compelling strategic fit, built for a rapidly evolving industry
Accelerating streaming platform penetration through expanded English-language exposure
By combining Banijay Entertainment’s global scale and leading position as a partner for streaming platforms with All3Media’s strong English-language content catalogue and focus and deep relationships with global streamers, this transaction positions the group as the largest English-speaking studio beyond the US and cements the group’s reputation as a preferred partner for streamers.
With ~80% of All3Media’s production revenues generated from English-language content, and a strong footprint in key English-speaking geographies – including a leading position in the UK across both scripted and unscripted, alongside a well-established presence in the US in non-scripted – the combined group will strengthen its exposure to the markets and platforms shaping global demand, and enhance its ability to negotiate favorable multi-territory commissions, globalize IP and deliver premium content.
Accelerating digital monetization and creating new revenue streams through a next-generation digital engine
The combination will diversify Banijay Group’s offering to reach new audiences, driving additional creative and monetization opportunities across both the digital environment and creator landscape. By bringing together All3Media’s award-winning digital offering, Little Dot Studios, with Banijay Entertainment’s digital and distribution capabilities, spearheaded by Banijay Rights, the group will create a powerful, next-generation engine spanning social, FAST and OTT platforms.
Little Dot Studios has a strong expertise in connecting premium IP with digital-native audiences: its network includes 135+ owned and operated channels, 1,000+ digital channels across 200+ leading platforms and brands, and a catalogue of more than 25,000 hours of content. The platform counts over 11 billion organic views per month and more than 930 million subscribers worldwide across major platforms including YouTube, TikTok, Meta and Roku.
Creating and scaling original and IP-led premium live and immersive experiences
The transaction will broaden access to premium IP across both organizations and enable the group to scale high-value content and create new experiential revenue streams while extending IP life cycles through Banijay Entertainment’s live and immersive experiences expertise – including Balich Wonder Studios and Banijay Live Studio. The combined entity will leverage Banijay Entertainment’s expertise in adapting IP into premium live experiences like the recent development of Black Mirror virtual-reality experience.
A unified partnership combining pioneering vision and leadership
The transaction combines a pioneering track record in building entertainment hubs with the proven consolidation and integration expertise of Banijay Entertainment and All3Media, while preserving creative autonomy and an entrepreneurial culture of innovation – supporting long-term value creation in a rapidly evolving global entertainment industry.
Attracting and retaining creative talents
At the heart of the transaction is a shared belief in the power of creative talent. Banijay Entertainment and All3Media unite complementary creative cultures and long-standing relationships with many of the industry’s most respected producers, writers, and on-screen talent, recently collaborating with names such as David Attenborough, George Kay, Steven Knight, James Norton and Eva Longoria.
Both organizations have a proven track record of creative excellence, recognized through numerous industry accolades, and international awards nominations and wins, including Oscars, Emmys and BAFTAs, reflecting the depth of talent and creative ambition at the heart of the transaction. Since 2020, the combined entity has received more than 3,500 awards and nominations.
By combining their creative ecosystems, the group will broaden access to top-tier talent across geographies, genres and formats – from premium content to digital, live and immersive experiences – offering creatives and IP a durable, independent home capable of supporting development, financing and global exploitation over the long term.
Next steps and timeline
The proposed transaction is subject to customary regulatory approvals, and is expected to close by the fall of 2026.
[1] Excluding The Independents
[2] The transaction will not result in a change of control under Banijay Entertainment’s indenture and senior facilities agreement
[3] Banijay Entertainment received a commitment from a financing source backstopping the “change of control” clause included in the All3Media term loan and providing the funds necessary for the pre-closing dividend referred to above
[4] Excluding run-rate cost synergies of €50m
[5] Including the acquisition of Tipico and Admiral Austria and excluding Bet-at-home
[6] Excluding synergies and including the acquisition of Tipico
