Banijay Group and RedBird IMI have announced a deal to combine Banijay Entertainment and All3Media.
The merged entity will take the Banijay name. It will be jointly owned by Banijay Group and RedBird IMI, with each holding a 50% stake. 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.
The new Banijay will be home to 260,000 hours of multi-genre content, with projected revenues of €4.4 billion. The combined group would encompass more than 170 creative labels across 25 countries.
The transaction is expected to deliver about €50 million in cost synergies.
RedBird IMI is rolling its entire stake in All3Media into the new combined entity. This implies a total cash upstream for Banijay Group of €796 million, including a payment of €625 million to Banijay Group by RedBird IMI and a €171 million pre-closing dividend paid by Banijay Entertainment to Banijay Group. It is expected to close by year-end.
Jeff Zucker, CEO of RedBird IMI, said: “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.”
Stéphane Courbit, president of Lov Group Invest, added, “We are delighted to continue to lead the consolidation of the independent content production industry with the combination of Banijay Entertainment and All3Media, creating an even stronger powerhouse. I am also especially pleased to build a partnership with RedBird IMI, with whom we share the same vision for the industry.”
François Riahi, CEO of Banijay Group, noted, “This transaction represents a decisive step in Banijay Group’s strategy to reinforce its leading position in global entertainment. Banijay Entertainment and All3Media are highly complementary platforms with exceptional creative assets and global ambition. In all our businesses, we are leading consolidation, and this transaction is another demonstration of this in content production, just as the acquisition of Tipico announced recently in sports betting and online gaming.”
Marco Bassetti, CEO of Banijay Entertainment, said, “Since its inception, Banijay has been driven by entrepreneurialism, ambition, and creativity. In the next phase of our journey, this DNA remains integral to our commitment to building a media and entertainment company that can stand its own, and the test of time, on the global stage. One that can attract and retain the best talent, one that has the means to truly invest in ideation and building the franchises and live events of tomorrow, and one that can lead the way on adopting new technologies, new platforms and new routes to audiences – a truly diversified media and entertainment powerhouse.”
Jane Turton, CEO of All3Media, noted, “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.”
