Published by Global Banking & Finance Review®
Posted on January 13, 2026
4 min readLast updated: January 19, 2026
Add as preferred source on Google
Banijay and All3Media are in advanced talks for a merger, aiming to create a major European TV production group to compete with streaming giants.
By Amy-Jo Crowley and Hadeel Al Sayegh
LONDON/DUBAI, Jan 13 (Reuters) - "Big Brother" franchise owner Banijay Group said it is in talks with All3Media's parent company about a potential tie-up with the producer of hit TV show "The Traitors", the legacy TV industry's latest move to compete with streaming giants.
The talks, first reported by Reuters earlier on Tuesday, have centred on Banijay's Entertainment & Live unit, which also owns "MasterChef", and All3Media combining their TV production businesses, according to two sources familiar with the matter.
Banijay said on Tuesday it had "entered into discussions with the All3Media owner regarding a potential combination between Banijay and All3Media", adding that no decision had been taken, and that there was no assurance that a transaction would be concluded.
A merger would create one of Europe's largest production groups, with a slate of shows including "Survivor", "Peaky Blinders" and "Race Across the World".
All3Media and its owner RedBird IMI declined to comment.
TALKS NOW AT AN ADVANCED STAGE, SOURCES SAY
Both companies have sought potential tie-ups with other producers in recent years, sources have previously told Reuters, as legacy TV and film production firms build scale against the growing dominance of streaming giants Netflix, Disney+ and Amazon Prime Video.
A potential deal would likely include All3Media and owner RedBird IMI injecting funds into the combined entity, as they represent the smaller of the two sides, one of the sources said.
Talks began towards the end of last year after Amsterdam-listed Banijay dropped its pursuit of Britain's ITV Studios, and are now at an advanced stage, the people said, speaking on condition of anonymity because the matter is private.
The emerging joint entity would have around 5.7 billion euros ($6.65 billion) in revenue based on 2024 numbers published by the companies. Banijay had a market capitalisation of 3.42 billion euros as of Monday's close, according to LSEG.
All3Media and Banijay have also discussed combinations with ITV's studio business, according to previous reports. ITV has since started talks to sell its broadcast division to Comcast-owned Sky, a deal that if agreed would leave a standalone ITV Studios unit.
Banijay explored a binding offer to buy All3Media in 2023 from its then joint owners Liberty Global and Warner Bros Discovery, Reuters reported at the time.
RedBird IMI, led by former CNN executive Jeff Zucker and backed by Emirati royal Sheikh Mansour bin Zayed Al Nahyan, went on to buy All3Media for 1.15 billion pounds ($1.55 billion) in 2024.
MEDIA COMPANIES BULKING UP
RedBird Capital, RedBird IMI's U.S.-based partner, is backing Paramount Skydance's $108.4 billion bid for Warner Bros Discovery.
In 2024, France's Mediawan merged with Leonine Studios, and last year the TV group controlled by Italy's Berlusconi family, MFE-MediaForEurope, took over rival ProSieben.
Stephane Courbit, Banijay's founder and chairman, is the largest shareholder in the Amsterdam-listed group with a 45% stake, while France's Vivendi holds 19.2%, according to LSEG data.
Banijay also has a gaming arm, which acquired Tipico, the leading sports betting and gaming operator in Germany and Austria, at an enterprise value of 4.6 billion euros last year.
Its entertainment and live experience unit generated 2 billion euros in revenue for the first nine months of 2025, compared with 1.1 billion euros in revenue from its gaming division, according to its latest results.
($1 = 0.8569 euros)
($1 = 0.7426 pounds)
(Reporting by Amy-Jo Crowley in London and Hadeel Al Sayegh in Dubai, with additional reporting by Paul Sandle and Mathieu Rosemain. Editing by Elisa Martinuzzi, Anousha Sakoui and Jan Harvey)
A merger is a business combination where two companies join to form a single entity, often to enhance competitiveness and efficiency.
The entertainment industry encompasses businesses that provide entertainment services, including film, television, music, and live performances.
TV production refers to the process of creating television programs, including scripting, filming, and editing, to be broadcasted to audiences.
Investment is the allocation of resources, usually money, to generate income or profit, often through purchasing assets or funding projects.
The financial community consists of individuals and organizations involved in the management, investment, and regulation of financial assets and services.
Explore more articles in the Finance category
