Banijay and All3Media Merge in $8 Billion Deal, Creating Global Entertainment Powerhouse

Two major European production companies have combined forces in a surprise $8 billion merger that will unite some of television’s biggest franchises under one roof, according to industry executives involved in the deal.

Banijay, led by CEO Marco Bassetti, has merged with All3Media in a transaction announced Tuesday that brings together popular shows including “The Traitors,” “Big Brother,” “MasterChef,” “Peaky Blinders,” and “Black Mirror,” according to entertainment industry publication Variety.

The deal combines Banijay with All3Media, which was acquired by Jeff Zucker’s RedBird IMI from Liberty Global and Virgin Media in May 2024, according to the report. Zucker will serve as chairman of the board of directors of the enlarged company, while All3Media CEO Jane Turton will become deputy CEO.

The merger caught the entertainment marketplace by surprise Tuesday morning, according to the trade publication. Formal discussions between the companies accelerated last fall after earlier conversations between Bassetti and Zucker in early 2024, leading to the agreement being signed Tuesday evening London time.

Bassetti had previously considered acquiring All3Media two years ago but chose not to bid at that time, according to the executives’ statements. The market conditions have since changed significantly, making the current timing more favorable for the deal.

“Jeff was smarter than us, and he made the deal,” Bassetti told Variety. “If you look back two years ago, the market was different, and it changed very rapidly. So what we believe that now to have a scale what you need is more assets.”

Zucker revealed that merger discussions began shortly after RedBird IMI’s acquisition of All3Media. Stéphane Courbit, the majority owner of Banijay Group, approached Zucker about a potential deal just two months after the All3Media purchase was completed, according to Zucker’s account.

“We’d owned All3Media for like eight weeks and Stéphane already wanted to do a deal,” Zucker said in the interview. “So we told him at the time let us find our way around All3 for a while and then organize the meeting.”

The companies believe the merger will create significant opportunities by combining their complementary strengths. Bassetti highlighted All3Media’s digital business capabilities and success in content adaptation, citing their work on “Squid Game” as an example of their expertise.

“They are very complimentary to us because they’re a very strong digital business,” Bassetti explained. “They’re very good at monetizing and creating content on digital and they are very good in adapting.”

The executives also emphasized All3Media’s strong position in the English-language market as a key strategic advantage for the combined entity.

Banijay points to its successful 2020 acquisition of Endemol Shine North America as a model for integrating All3Media’s operations, according to Bassetti’s comments. All3Media has similarly grown through acquisitions since its founding in 2003.

The partners expect European regulators to approve the transaction by the end of the third quarter, according to the executives’ timeline. Banijay is publicly traded, and the enlarged company will continue operating under Bassetti’s leadership as CEO.

Zucker cited the rapidly evolving global media landscape as a driving factor behind the merger timing. “The global media ecosystem is rapidly changing and evolving and I think that you can’t just stand pat, and you’ve got to continue to get stronger,” he told the publication.

The deal represents one of the largest consolidations in the European independent production sector, bringing together two companies with extensive international format libraries and production capabilities across multiple territories.