Combined entity of The Traitors and MasterChef super-indies would have revenues of €6bn
Banijay Group has confirmed it is in talks over a potential merger with All3Media, following reports that a deal was being discussed.
The French company, which is listed in Amsterdam, said it “has entered into discussions” with All3 owner RedBird IMI regarding what it termed as “a potential combination” between the companies.
“At this stage, the company wishes to emphasise that no decision has been taken and that there can be no assurance that a transaction will be concluded. Further announcements will be made if and when appropriate,” Banijay said.
News that the two production giants were in “advanced talks” first emerged on Tuesday afternoon, with Reuters reporting that the two companies had started to explore a merger late last year after Banijay ditched its bid to acquire ITV Studios.
While a deal remains far from certain, if it did progress the combined company would be one of the world’s biggest producers.
The two groups pulled in around €6bn (£5.2bn) in revenues in 2024, while output ranges from MasterChef and Big Brother from the Banijay side to The Traitors and Midsomer Murders from All3.
Both companies have been linked with various mergers over recent years as they look to scale up as viewing moves from TV to streaming.
Banijay, which is listed on the Amsterdam stock exchange, had looked to buy All3Media in 2023, but valuations did not align and the company was subsequently acquired by RedBird IMI.
Two years later in January 2025, All3 was linked with an acquisition of ITV Studios, but that too was ditched. Comcast-owned Sky is now looking to buy the streaming and broadcast operations of ITV.
The French company, which has over 130 production companies in 25 territories, has since been expanding its revenue streams, combining under a Banijay Group umbrella that also houses gaming firm BetClic.
All3, meanwhile, operates more than 40 labels across the UK, US, Germany, Belgium, the Netherlands and New Zealand, including Squid Game: The Challenge producer Studio Lambert and Two Brothers. The group was bought by RedBird IMI in May 2024 for £1.15bn following a deal with former owners Warner Bros Discovery and Liberty Global.
The merger would involve Banijay’s Entertainment & Live division and All3, with RedBird IMI investing additional funds into the entity, Reuters said.
All3Media declined to comment when approached by Broadcast International.
This story was updated to reflect Banijay’s confirmation that talks are underway.
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