Banijay Group and RedBird IMI have completed the merger of Banijay Entertainment and All3Media, creating the world’s largest independent production company.
First announced in March 2026, the deal combines Banijay Entertainment’s international production footprint with All3Media’s strength across key English-language markets, creating a global media and entertainment group spanning content production, live events, digital and new media.
The combined entertainment business will be headquartered in London and operate across 25 territories.
The company will be jointly owned by Banijay Group and RedBird IMI, with each holding a 50% stake, while the former will consolidate the business.
Banijay continues global media and gambling expansion
Banijay Group also operates Banijay Gaming – the European gambling conglomerate which has been home to a whole host of activity in recent memory.
Last week, the company acquired JOA Groupe, France’s second largest casino operator.
The business also owns a majority stake in German gambling giant Tipico, which has now merged with Betclic – one of the largest sports betting firms in France and another company that it owns.
This significant expansion of its media portfolio could help offset challenges in the online betting space, with taxation, regulation and competition continuing to create headwinds in both France and Germany.
French gambling taxes are now some of the highest in Europe – retail sports betting is now taxed at 42.1% and online sports betting at 59.3%, while a recent hike in online poker tax saw the rate jump from 0.2% of stakes to 10% of gross gaming revenue.
Both jurisdictions have fallen victim to the increasing prominence of the black market, though France’s channelisation rate of around 85% is far higher than Germany’s 77% estimates.
When the acquisition was initially announced, questions arose as to whether Banijay’s focus would divert from the gambling space, though the JOA deal and its recent financial results would suggest otherwise.
Revenue for its online betting and gaming division rose 10.2% year-on-year to €1.59bn (£1.35bn) in 2025 and adjusted EBITDA for the segment rose 12.6%, from €379.8m to €425.2m.
On a combined basis, the newly-merged group would have generated more than €4.3bn in revenue and over €700m in adjusted EBITDA in 2025.
The company expects to deliver approximately €50m in cost synergies within one year of closing.
Jeff Zucker, Chief Executive Officer of RedBird IMI, will serve as Chairman of Banijay Entertainment, while Marco Bassetti continues as CEO and Jane Turton, former CEO of All3Media, becomes Deputy CEO.
The merged group brings together one of the industry’s largest independent content catalogues, with more than 265,000 hours of programming.
Its portfolio includes global formats and productions such as MasterChef, The Traitors, Big Brother, Survivor, Race Across the World and Peaky Blinders.
The company said the combination will strengthen its ability to develop and expand intellectual property across “scripted, non-scripted, sport, digital, live and immersive experiences”.
It further builds on the huge wider portfolio. The firm is listed on Amsterdam’s Euronext and now has a market cap exceeding €3.7bn.
François Riahi, CEO of Banijay Group, commented: “This merger marks a defining milestone in Banijay Group’s history.
“Banijay Entertainment and All3Media are highly complementary businesses with exceptional creative assets and global ambition.
“We are delighted to partner with RedBird IMI for the next phase of development of Banijay Entertainment, to make together Banijay Entertainment the winning global leader of the content industry, both on and off the screens.”