Banijay Entertainment has reported half-year revenues of €1.37 billion, a small decline as production activity eased in the first six months following its merger with All3Media.
The company said sales were down 2.2% compared with the same period in 2025, a change it attributed to what it described as "anticipated phasing in production and distribution." The figures published do not yet incorporate All3Media’s financials; those will appear in quarterly reporting from Q3 onwards.
Where the money moved
Within Banijay’s entertainment arm, production revenues fell sharply while distribution strengthened. Production revenue dropped by 11.9%, whereas distribution increased by 10.5%, helped, the company said, “in particular by a format sale in the first quarter.”
“anticipated phasing in production and distribution.”
The broader Banijay Group, which combines entertainment and live events, posted group-level H1 revenues of €2.58bn, up 16.9% on a reported basis. Adjusted EBITDA rose to €502.9m, an increase of 18.5%.
Impact of the All3Media deal
Earlier this month Banijay merged its entertainment division with RedBird IMI’s All3Media, creating what executives have described as an industry-defining independent producer with combined revenues in the region of $8 billion. The enlarged group controls an extensive catalogue — more than 265,000 hours of programming — and well-known formats including MasterChef, Big Brother, The Traitors, Peaky Blinders, Midsomer Murders and Gogglebox.
Under the terms of the agreement, Banijay Group received €801m, comprising a €625m payment from RedBird IMI and a €176m pre-closing dividend. The new Banijay Entertainment is equally held by Banijay and RedBird IMI. It will be led by Marco Bassetti as chief executive, with Jane Turton, former All3Media chief executive, as deputy chief executive and Jeff Zucker, chief executive of RedBird IMI, serving as chair.
Banijay announced an exceptional dividend of €400m for shareholders following completion of the deal, equivalent to €0.93 per share. The company also disclosed that a seven‑year €750m loan arranged last month will be used to refinance All3Media’s outstanding senior facilities, cover transaction fees and fund certain dividends associated with the merger.
Near-term outlook
Management said it expects performance to improve in the second half of the year, with the fourth quarter highlighted as a period of significant activity. Banijay Group’s live events business provided a notable boost in H1, with revenues rising by almost 50%, driven by demand tied to major global sporting events, including the Winter Olympic Games and the FIFA World Cup.
- H1 Banijay Entertainment revenue: €1.37bn (down 2.2% year‑on‑year)
- Production revenue: down 11.9%
- Distribution revenue: up 10.5%
- Group H1 revenue: €2.58bn (up 16.9%)
- Adjusted EBITDA: €502.9m (up 18.5%)
| Metric | H1 figure | Year‑on‑year change |
|---|---|---|
| Entertainment revenue | €1.37bn | −2.2% |
| Group revenue | €2.58bn | +16.9% |
| Adjusted EBITDA | €502.9m | +18.5% |
Crucially, the full financial effect of the All3Media merger will not be visible until its results are consolidated from Q3. That timing will be watched closely by broadcasters, streamers and investors who are gauging how the enlarged Banijay competes for commissions and distribution deals in a crowded content marketplace.
For now, Banijay’s numbers point to a company navigating the immediate integration of a major acquisition while leaning on catalogue sales and live events to steady revenues. The industry will be listening for more detail in the quarters ahead, particularly around commissioning pipelines and how the combined group plans to exploit its vast library.
