Industry

Banijay Group and RedBird IMI have completed the merger between Banijay Entertainment and All3Media, creating one of the world’s largest independent production and entertainment companies, with expanded capabilities across scripted and unscripted content, live events, digital media and new entertainment experiences. The transaction represents a total cash upstream of €801 million for Banijay Group, including a €625 million payment from RedBird IMI and a €176 million pre-closing dividend paid by Banijay Entertainment to Banijay Group, reflecting the agreed valuations of All3Media and Banijay Entertainment. Following completion of the deal, Banijay Group also confirmed an exceptional dividend of €0.93 per share for its shareholders.

First announced in March 2026, the combination brings together two complementary businesses with a shared focus on creativity, innovation and global expansion. The merged company will operate under the Banijay Entertainment name, jointly owned 50/50 by Banijay Group and RedBird IMI, and will be consolidated by Banijay Group. Headquartered in London, the new Banijay Entertainment will operate across 25 territories, combining Banijay’s international production footprint with All3Media’s strong presence in key English-language markets. The merger strengthens the company’s position as a global partner for broadcasters, platforms and brands, with one of the industry’s largest independent content portfolios. The combined group controls more than 265,000 hours of content, including some of the world’s most recognizable IP such as MasterChef, The Traitors, Big Brother, Race Across the World, Survivor, Peaky Blinders, Deal or No Deal, Buccaneers, The Assassin, Wayward, Legends, Hamnet and The Culpa Trilogy.
The merger also expands the company’s capabilities beyond traditional production. Through Banijay Rights and Little Dot Studios’ digital expertise, together with the live entertainment operations of Banijay Live and All3Media, the group will focus on extending intellectual property across platforms and building long-term global franchises.

Financially, the combined Banijay Entertainment would have generated more than €4.3 billion in revenue and over €700 million in adjusted EBITDA in 2025, with expected cost synergies of approximately €50 million within the first year following completion. On a pro forma basis, Banijay Group would reach €7.4 billion in revenue, €1.6 billion in adjusted EBITDA and €1.2 billion in adjusted free cash flow.

Jeff Zucker, CEO of RedBird IMI and Chairman of Banijay Entertainment: “The completion of this merger marks a new era in global entertainment and creates a new independent leader in that category. With Marco and Jane we have the finest leadership team anywhere and I am excited to watch the company grow. This also marks a milestone for RedBird IMI, in only its third year, to play such a leading role in the global entertainment stage.”
Marco Bassetti, CEO of Banijay Entertainment: “This move signals a transformative step for Banijay Entertainment. Together, we are entering a new chapter as a global media and entertainment powerhouse and natural consolidator, uniting first-class creative talent and leadership, standout IP, and the diversified cross-territory expertise to build and retain long-lasting franchises that span every major market and platform. In bridging two major studios, we are confident we can significantly increase our investment in creativity, innovation and the next generation of creators across content and live, to deliver against longterm creation and growth both for Banijay, and the broader creative economy.”

Jane Turton, Deputy CEO of Banijay Entertainment: “Leading All3Media has been a huge pleasure and privilege, and I have many people to thank – all of whose contribution has been immense in building something incredibly successful and highly respected. With the completion of the merger of All3Media and Banijay Entertainment, we move to a next phase – one that is incredibly exciting. I am proud to be joining forces with Marco and the new team at a time when there is a huge appetite for brilliant shows developed and produced by world class talent. Add to that the strength of a global distributor, a market leading digital studio and a growing live events business and the opportunity multiplies many times over.”
François Riahi, CEO of Banijay Group: “This merger marks a defining milestone in Banijay Group's history. Banijay Entertainment and All3Media are highly complementary businesses with exceptional creative assets and global ambition. We are delighted to partner with RedBird IMI for the next phase of development of Banijay Entertainment, to make together Banijay Entertainment the winning global leader of the content industry, both on and off the screens.”