The producer behind The Traitors has reached a £6bn merger agreement with a competing French company

All3Media and Banijay Announce Landmark Merger

All3Media, the British company known for producing The Traitors, has agreed to merge with France’s Banijay Entertainment in a deal valued at $8 billion (£6 billion). This merger will form the world’s largest independent television production group.

The newly combined entity, which will operate under the Banijay name, is set to oversee the creation of more than 170 television programs and events throughout Europe. Its portfolio will feature popular titles such as MasterChef, Fleabag, Gogglebox, and Call the Midwife.

Ownership of the joint venture will be split equally between RedBird IMI, the current owner of All3Media, and Banijay. Despite the equal partnership, Banijay will receive €796 million in compensation due to its larger size.

This merger will establish a major European media powerhouse, with distribution networks reaching nearly 250 countries worldwide.

The new group will directly compete with American media giant Paramount, which is preparing to acquire Warner Bros in a $111 billion transaction.

Previously, in 2023, both companies attempted to merge when All3Media was put up for sale by its former owners, Warner Bros, Discovery, and Liberty Global, but those talks did not result in a deal.

The merger discussions resumed after All3Media was acquired in 2024 by RedBird IMI, an Abu Dhabi-backed investment fund led by former CNN chief Jeff Zucker. Notably, RedBird IMI withdrew from its bid to purchase The Telegraph in November.

All3Media now represents the largest holding in RedBird IMI’s portfolio.

Jeff Zucker, who will take on the role of executive chairman for the merged company, highlighted the global reach of the new venture, stating, “This partnership unites investors from Europe, the Americas, and Abu Dhabi, giving us a truly international perspective on the media landscape.”

Banijay’s CEO, Marco Bassetti, will lead the combined business, while Jane Turton, head of All3Media, will serve as deputy.

Implications for ITV Studios

The merger raises questions about the future of ITV’s production arm. Last year, both Banijay and All3Media considered acquiring ITV Studios for £3 billion, but no agreement was reached. Currently, ITV is negotiating the sale of its broadcasting division to Comcast, the owner of Sky, for £1.6 billion. Should that transaction proceed, ITV may need to find a new buyer for its production business.