France's Banijay Group, owner of the Big Brother franchise, is in advanced merger talks with RedBird IMI, the owner of All3Media, according to sources familiar with the negotiations. The discussions centre on combining Banijay's Entertainment & Live unit with All3Media, the production company behind the hit show The Traitors. If the deal goes through, it would create one of Europe's largest television production groups, capable of competing with major streaming platforms that have increasingly dominated the entertainment industry.
The two companies have not confirmed the talks, with representatives from RedBird IMI, Banijay, and All3Media all declining to comment on the negotiations. However, sources close to the matter say discussions began late last year after Banijay ended its pursuit of Britain's ITV Studios, and have since moved into an advanced stage.
Background
The potential merger reflects a broader trend in the television production industry, where companies are rushing to build scale and compete against streaming giants like Netflix, Disney+ and Amazon Prime Video. Over the past few years, legacy television and film production firms have increasingly sought partnerships and acquisitions to strengthen their market position.
Banijay, listed on the Amsterdam stock exchange, is a major force in global television production. The company owns some of the world's most recognizable television formats and shows. Its Entertainment & Live unit, which would be merged with All3Media under the proposed deal, generated 2 billion euros in revenue during the first nine months of 2025.
RedBird IMI acquired All3Media in 2024 for 1.15 billion pounds. The investment firm is led by former CNN executive Jeff Zucker and backed by Emirati royal Sheikh Mansour bin Zayed Al Nahyan. All3Media is known for producing The Traitors, a format that has become a major hit across multiple countries and streaming platforms.
Key Details
The combined entity would bring together an impressive slate of television shows and formats. The merged company would own Big Brother, MasterChef, The Traitors, Survivor, Peaky Blinders, and Race Across the World, among other titles. Based on 2024 financial figures, the joint venture would generate approximately 5.7 billion euros in annual revenue.
"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." – Sources familiar with the matter
Banijay's founder and chairman, Stephane Courbit, holds a 45 percent stake in the Amsterdam-listed group, making him the largest shareholder. France's Vivendi holds 19.2 percent of the company. Banijay also operates a gaming division, which acquired Tipico, a major sports betting and gaming operator in Germany and Austria, for 4.6 billion euros last year.
The Broader Industry Context
The talks come as the television production industry experiences significant consolidation. In 2024, France's Mediawan merged with Leonine Studios. That same year, MFE-MediaForEurope, a television group controlled by Italy's Berlusconi family, took over rival ProSieben. Additionally, RedBird Capital, the U.S.-based partner of RedBird IMI, is backing important Skydance's massive 108.4 billion dollar bid for Warner Bros Discovery.
Banijay had previously explored a binding offer to purchase All3Media in 2023, when the company was jointly owned by Liberty Global and Warner Bros Discovery. That deal did not come to fruition. Now, with RedBird IMI as the owner, the two companies are revisiting the possibility of a combination.
All3Media and Banijay have also held discussions about potential combinations with ITV's studio business. ITV has separately started talks to sell its broadcast division to Comcast-owned Sky, which would leave a standalone ITV Studios unit potentially available for partnerships or acquisitions.
What This Means
If completed, the merger would significantly reshape the European television production landscape. The combined company would rank among the continent's largest production groups, with the financial resources and content library to negotiate directly with major streaming platforms and traditional broadcasters.
For the broader industry, the deal signals that traditional television production companies are taking aggressive steps to remain competitive. By merging, companies can offer streaming platforms and broadcasters a wider range of content, reduce operating costs through consolidation, and invest more heavily in new show development.
However, sources cautioned that no agreement has been reached, and significant uncertainty remains about whether the deal will actually happen. The companies involved have not disclosed any timeline for a decision or further announcements.
The television production industry will be watching closely to see whether these talks result in a formal agreement. A successful merger could trigger additional consolidation moves across Europe and beyond, as other production companies seek their own partnerships to compete in an increasingly crowded marketplace.
