Two of television's biggest independent production companies are combining to form what will be the largest business of its kind in the world, in a deal valuing the merged group at roughly €4.4 billion.
Paris-based Banijay, whose catalogue includes MasterChef, Survivor and Hunted, is merging with British producer All3Media, the company behind The Traitors, Fleabag and Call the Midwife.
Banijay will receive €796 million in the transaction to account for the difference in scale between the two businesses. Its existing shareholder and All3Media's owner, RedBird IMI, will hold equal stakes in the combined group.
RedBird IMI, which has backing from Abu Dhabi and is separately in the process of offloading the Telegraph newspaper titles, acquired All3Media for £1.15 billion in 2024.
The merged company expects to generate around €690 million in annual operating profit and identify €50 million in cost savings within the first year.
Marco Bassetti, currently running Banijay's entertainment arm, will lead the combined business.
All3Media chief executive Jane Turton moves into a deputy role. Jeff Zucker, the former CNN chief who heads RedBird IMI, takes the chair.