Analysts say Banijay All3 merger is "bang on trend"

Expected to close by the fall of 2026, the proposed transaction would create a content catalogue of more than 260,000 hours of multi-genre content, including approximately 45 formats produced in more than three territories in 2025. The combined group would also encompass more than 170 creative labels across 25 countries, operating in all major English-language geographies and distributing content in nearly 250 territories worldwide. 

The new company – producer of The Traitors, Big Brother, Survivor, Peaky Blinders, Gogglebox, House of Guinness, The Assassin, and Oscar-nominated Hamnet, together with theatre productions such as award-winning The Lehman Trilogy – will be jointly owned by Banijay Group and RedBird IMI, with each holding a 50% stake. Banijay Group will continue to consolidate the new company’s earnings. 

Forecasting the ripple effects of this deal for IBC365, Guy Bisson, Executive Director of Ampere Analysis, posits: “On the face of it, Banijay/All3 is a simple scale play. However, it is actually so much more than that, because of what it says about the wider industry. The entertainment business is undergoing a re-engineering on a scale seen only every 20-30 years, kicked off by the emergence of global platforms and an increasingly global audience. Add the widening choice of platforms for consuming entertainment, and you have a massive new opportunity. Yet, you need size and reach to fully leverage that opportunity.  

“The future of entertainment partnerships and mergers rests on dismantling the limitations imposed by geography and sector specialisation that were built for the old value chain and doing what you can to create your own global scale. This is essential to grab business across streaming, social media, the creator economy, and traditional broadcast. Combining Banijay and All3 is bang on trend as a marker deal for how legacy players and groups still focused on single geographies need to think about their future and the potential to benefit from the huge growth we’re currently seeing in streaming and online video.” 

Adding context, Marija Masalskis, Research Director at Caretta Research, notes: “For the last 24 months, the narrative around Banijay Group has been dominated by an aggressive push into gaming and sports betting. The numbers told a clear story: the gaming division’s double-digit growth far outpaced the single-digit figures recorded by the entertainment and live divisions. This commitment was solidified by the Tipico acquisition and culminated in the gaming division accounting for 35% of total revenue by Q3 2025, where it had once been 21% in 2021.

“While Banijay’s revenue is gradually shifting toward streaming, the industry's transition is moving at a much faster pace. Globally, streaming now commands 41% of the TV and streaming market, while Banijay derives 22% of its production and distribution revenue from streaming platforms. This gap presents a dual-edged sword: a maturing streaming market creates intense competition for the premium type of content that a combined Banijay/All3Media would excel at, but it also triggers consolidation among buyers.

"With the Warner Bros. Discovery and Paramount merger set to redefine the content ecosystem, achieving this combined scale is insulation against the volatility of a market with fewer, larger rights buyers. The most intriguing development is leadership’s focus on increasing content for social media platforms. While a forward-looking move, it forces Banijay and All3Media into a completely different competitive set with entirely new terms of engagement."

To this point, Maria Rua Aguete, Head of Media and Entertainment at Omdia, highlights: “Streaming platforms and digital consumption are reshaping the entertainment industry, and deals like this, which provide scale and adaptability, are critical for success. This merger not only enhances Banijay's ability to compete on a global scale but also opens opportunities for innovation and collaboration across its extensive portfolio of brands and formats. It will be fascinating to see how the combined entity leverages its expanded resources to address the growing demand for localised and original content, while navigating the challenges of a rapidly changing media environment.

"The Banijay–All3Media merger further reinforces Europe’s role as a global content dynamo, demonstrating how larger, internationally integrated production groups built around valuable IP are shaping the next phase of the industry. Ultimately, this merger underscores the importance of strategic consolidation in the entertainment sector, as companies seek to strengthen their market position and deliver compelling content to an increasingly fragmented audience. The industry will undoubtedly be watching closely to see how this new chapter unfolds for Banijay and its partners.”

Expanding on this idea, Thomas Thomson, Director of Business Development at Enders Analysis, says: “It’s important to see this merger in light of the broader M&E environment. The boom in content production from streamers is over; their spending on European content is flat or declining. Broadcasters are dealing with a depressed advertising market and, at best, stagnant public resources. So, taken together, consolidation makes sense for an industry facing acute demand pressure. There are a couple of straightforward upside elements of this deal. Bigger Europe-wide producers may be in a stronger position to deal with global streamers who are vital distribution partners for them. Moreover, the combination with All3 will support Banijay in expanding its footprint in English-language markets.

“Having recognisable titles that can translate across different cultures and languages is vital, and the combined entity has this in spades. However, there is no escaping the fact that the flood of user-generated content is making audiences harder to capture and retain. The latest AI-driven creative tools have helped drive this. Given this supply-side shock, building a live events business will be an important growth priority for the new entity. With such fragmentation in other genres, being a well-resourced live production and distribution operation is a key source of strength.”

According to Banijay, the deal with RedBird IMI – the joint venture backed by RedBird Capital Partners and Abu Dhabi-based IMI media group – is intended to strengthen the company’s scale, IP ownership, and exposure to key growth segments, such as talent, presence across key English-speaking geographies, and new revenue streams.  

Making the announcement on a company-wide call, François de Brugada, CEO of Banijay Live, highlighted the value of All3Media’s 2,000 employees, €1bn in revenue, and strong presence in the UK and US to Banijay. He said: “In a rapidly consolidating market, scale truly matters. With the rise of AI, ownership and control of premium IP is more strategic than ever… In short, this deal achieves three objectives: greater scale and stronger English-speaking market penetration; a powerful strategic partner to continue industry consolidation; and additional cash, giving us financial flexibility to pursue further growth… A strong example of All3Media’s IP is The Traitors, which can now scale across our global 25-territory footprint.” 

Sophie Kurinckx-Leclerc, Chief Financial Officer (CFO) at Banijay Group, added: “The combined entity would have generated an adjusted EBITDA of €690m in 2024… The combination demonstrated strong industry compatibility with limited margin risk. In terms of cash generation, the combination delivers first close to €500m adjusted free cash flow with an adjusted free cash flow conversion of more than 70%.” 

The transaction is also expected to deliver approximately €50m of cost synergies within 12 months. On a pro forma basis, the combined entity would have reportedly generated revenues exceeding €4.4bn.

Marco Bassetti, currently CEO of Banijay Entertainment, will serve as CEO of the newly 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. 

Turton stated: “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.” 

Zucker commented: “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.”  

Guy Bisson, Executive Director of Ampere Analysis, and Thomas Thomson, Director of Business Development at Enders Analysis, recently sat down with two other leading media analysts to discuss their top data-backed predictions for 2026, including the rise of high-profile consolidations. Discover more here.