Banijay and All3Media in merger talks as TV giants bulk up

PARIS: Banijay Group, owner of the Big Brother franchise, is in talks with the parent of All3Media, producer of hit reality show The Traitors, as old-guard television groups scramble to scale up against the streaming behemoths.

The discussions, first reported by Reuters, centre on a potential combination of Banijay’s entertainment and live business, which also houses MasterChef, with All3Media’s production arm, according to people familiar with the matter.

Banijay confirmed on Tuesday that it had entered into discussions with All3Media’s owner over a possible tie-up, stressing that no decision had been taken and there was no certainty a deal would be struck. All3Media and its owner RedBird IMI declined to comment.

If completed, the merger would create one of Europe’s largest production houses, boasting a catalogue that spans Survivor, Peaky Blinders and Race Across the World.

Talks began late last year after Amsterdam-listed Banijay dropped its pursuit of ITV Studios and have now reached an advanced stage, the sources said. Any deal would likely involve All3Media and RedBird IMI injecting fresh capital into the combined group, reflecting their smaller scale.

In 2024 numbers, the merged entity would generate about €5.7 billion ($6.65 billion) in revenue. Banijay’s market capitalisation stood at €3.42 billion at Monday’s close, according to LSEG.

The negotiations underscore a broader consolidation wave sweeping the media industry as traditional producers seek to counter Netflix, Disney+ and Amazon Prime Video. France’s Mediawan merged with Leonine Studios last year, while Italy’s MFE-MediaForEurope snapped up rival ProSieben.

Banijay and All3Media have both previously explored combinations with ITV Studios. ITV is now in talks to sell its broadcast arm to Comcast-owned Sky, a move that could leave ITV Studios as a standalone production business.

All3Media was bought in 2024 for £1.15 billion ($1.55 billion) by RedBird IMI, led by former CNN executive Jeff Zucker and backed by Abu Dhabi’s Sheikh Mansour bin Zayed Al Nahyan. RedBird Capital, its US partner, is also backing Paramount Skydance’s $108.4 billion bid for Warner Bros Discovery.

Banijay founder and chairman Stephane Courbit remains the group’s largest shareholder with a 45 per cent stake, followed by Vivendi with 19.2 per cent.

As audiences fragment and streamers tighten their grip, television’s power players are racing to bulk up. In this battle for scale, size is fast becoming the ultimate format.