Banijay Group isn’t ruling out additional M&A, including a potential deal with ITV Studios, after reaching an $8 billion merger deal with the production unit of RedBird IMI’s All3Media.
“What I said to the French press was, we are excluding nothing,” Banijay Group CEO François Riahi told analysts on Wednesday. “It goes also for ITV Studios, as for every other studio, but I think clearly the point is today, consolidation is the name of the game. When you look at the Warner Paramount deal, it’s very easy to understand why you need to be big and global to be relevant in this sector.”
Riahi said that Banijay bid against RedBird IMI to acquire All3Media back in 2022, but they ultimately lost out. However, discussions between the two companies never stopped about a potential team-up.
“We were disappointed, but it was not as if a direct competitor was buying All3Media. So we thought right away that there could be a way to get it or to make it happen later,” Riahi said. “From the next day, we started to exchange with RedBird IMI on the opportunity to combine our businesses, because we have synergies, both commercial and cost, which they hadn’t.”
In April 2025, the Financial Times reported that Banijay was exploring a potential takeover bid of ITV Studios. While Riahi did not specifically confirm talks with ITV, he did note that both Banijay and RedBird IMI were talking to various companies about consolidating, though those discussions ultimately didn’t lead anywhere.
“Finally, it was natural that we come together and said, ‘okay we want the same thing. We tried to do it with other partners. Let’s do it together. We are going to succeed because we want the same thing.’ And that’s how it happened,” he said. “It has been more than one year of discussion, and we believe that, yes, you have some market movements on the English speaking countries, but look at the valuation of Warner. Why is Warner valuing so much? Because in our industry, scale and global position are very, very important, and that’s what we are strengthening with.”
Banijay would publicly confirm it was in talks with RedBird IMI about merging with All3Media’s production unit in January.
Under the terms of the deal, Banijay and RedBird IMI will each own a 50% stake in the combined company. It is expected to close by the fall, pending regulatory approval. Banijay Entertainment CEO Marco Bassetti will serve as CEO of the combined company, while All3Media CEO Jane Tutron will become deputy CEO. RedBird IMI CEO Jeff Zucker will serve as chairman of the board.
Executives said the move would strengthen the companies’ positioning with global streaming platforms, while also expanding All3Media’s presence across key English-speaking geographies, including a stronger footprint in the UK and the US. It will also help monetize both companies’ IP and create new revenue streams through digital and live adaptations.
Together, the combined entity will have a catalogue of more than 260,000 hours of multi-genre content, including roughly 45 formats produced in more than three territories in 2025. It will 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. Roughly 80% of All3Media’s production revenues are generated from English-language content.
The deal will form one of the world’s biggest independent production groups, bringing TV series such as “Big Brother,” “Survivor,” “Peaky Blinders,” “The Traitors” “Gogglebox” and “The Assassin” and films like “House of Guinness” and “Hamnet” under one roof.
The combined entity will be named Banijay and its earnings will be consolidated under Banijay Group. RedBird IMI will roll its entire stake in All3Media into the new combined entity, implying €796 million in cash for Banijay Group, including a payment of €625 million and a €171 million pre-closing dividend.
As of 2024, the combined entity would have generated revenues exceeding €4.4 billion and adjusted EBITDA of €690 million, bringing Banijay Group’s total revenues for that year to €7.4 billion and adjusted EBITDA to €1.5 billion.
It is expected to deliver approximately €50 million in cost savings of within 12 months post-closing. Cost savings will come from “increased coordination across distribution and sales, eliminating duplication and improving commercial efficiency.” Additional cost savings opportunities lie in “the optimization of central and support functions, and a far more integrated approach to procurement.” Banijay Group’s post-transaction leverage is expected to be roughly 3 times by the end of 2026.
