Banijay and All3Media merge to create $6.6 billion production giant
French media company Banijay Group announced a merger of its television production business with UK based All3Media, creating one of the world’s largest independent content producers with combined annual revenue exceeding $6.6 billion.
The deal brings together production companies behind major global formats including Big Brother, Survivor and MasterChef with the teams responsible for The Traitors, Squid Game: The Challenge and Race Across the World.
The merged company will operate under the Banijay name and will be owned equally by Banijay Group and RedBird IMI, the joint venture between RedBird Capital Partners and Abu Dhabi based media group IMI. The transaction is expected to close by autumn 2026, pending regulatory approvals.
Marco Bassetti, currently chief executive of Banijay Entertainment, will lead the combined company as chief executive officer. Jane Turton, chief executive of All3Media, will serve as deputy chief executive, while Jeff Zucker, chief executive of RedBird IMI, will become chairman of the board.
Bassetti said Banijay’s development has been driven by entrepreneurship and creativity, adding that the merger represents the next step in building a global media and entertainment company capable of competing over the long term.
The agreement includes a full capital contribution of RedBird IMI’s stake in All3Media. Banijay Group will receive €796 million in cash as part of the transaction, according to the companies’ joint announcement.
Executives expect cost synergies of around €50 million from the combination.
The combined business will unite more than 170 production labels operating in roughly 25 countries. Its catalogue includes major scripted series such as Peaky Blinders, Black Mirror and Call the Midwife, alongside globally successful reality formats.
All3Media’s portfolio includes Studio Lambert, the company behind The Traitors and Squid Game: The Challenge, as well as Neal Street Productions, which is developing upcoming biographical films about The Beatles directed by Sam Mendes.
RedBird IMI acquired All3Media in 2024 for $1.45 billion. Jeff Zucker said the merger fulfills the strategy envisioned when RedBird IMI was formed, aiming to build a diversified entertainment group reaching global audiences through scripted programming, unscripted formats, live events and digital platforms.
The transaction reflects broader consolidation among independent production companies seeking stronger negotiating power with streaming platforms such as Netflix, Disney+ and Amazon Prime Video, which have reshaped the economics of television production.
Discussions between Banijay and All3Media began in late 2025 after Banijay abandoned a proposed acquisition of ITV Studios, according to earlier reporting by Reuters. Banijay previously became the world’s largest independent production group following its acquisition of Endemol Shine Group in 2020.
The merged entity will face regulatory scrutiny in both the United Kingdom and the European Union due to its significant share of the television production market across multiple territories.
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