Amid Paramount's offensive on Warner Bros. Discovery, which is now closer to being acquired by Netflix, two of the most important global producers of reality shows are attempting a behind-the-scenes move to strengthen their position and avoid losing ground in the audiovisual market.
The French media giant Banijay Group, owner of Endemol and holder of the rights to the programs Big Brother (produced in Brazil by TV Globo) and MasterChef (produced by Band in the country), is in negotiations to merge with RedBird IMI, owner of All3Media, responsible for the reality show The Traitors, whose 4th season premieres in February in Brazil on Universal+.
The deal would create one of the largest content production groups in Europe, with a slate of shows that includes Survivor, Peaky Blinders, and Race Across the World, in addition to the world's most successful reality shows.
In recent years, both companies have sought potential partnerships with other production companies, according to sources cited by Reuters , as TV and film companies have scaled up in the face of the growing streaming giants Netflix, Disney+, and Amazon Prime Video.
An agreement would likely include an injection of funds from RedBird IMI into the joint venture, given its smaller size compared to Banijay, according to sources familiar with the discussions. The companies declined to comment on the negotiations.
The negotiations took place at the end of 2025, after Banijay, a company listed on the Amsterdam stock exchange in the Netherlands, abandoned its acquisition of ITV Studios in the United Kingdom, and are now at an advanced stage, according to Reuters .
The new company, created from the merger of the two content production companies, would have revenues of approximately US$6.65 billion, based on 2024 figures released by the companies.
According to industry experts, All3Media and Banijay also discussed mergers with ITV's studio division. Since then, the British company has begun talks to sell its broadcasting business to Sky, owned by Comcast, in a deal that, if completed, would leave ITV Studios as an independent unit.
Banijay even considered a binding offer to buy All3Media in 2023 from its then-owners, Liberty Global and Warner Bros Discovery, but the initiative ultimately did not move forward.
RedBird IMI, led by former CNN executive Jeff Zucker and funded by UAE Vice President Mansour bin Zayed Al Nahyan, a member of the royal family, acquired All3Media for $1.55 billion in 2024.
RedBird Capital, a partner of RedBird IMI in the United States, is financially backing Paramount Skydance's $108.4 billion bid for Warner Bros. Discovery.
In 2024, the French company Mediawan merged with Leonine Studios, and in 2025, the television group MFE-MediaForEurope, controlled by the Italian Berlusconi family, inherited control of its rival ProSieben.
Banijay also has a gaming division, which it acquired in 2025, Tipico, the leading sports betting and gaming operator in Germany and Austria, for €4.6 billion.
According to the most recent data, the company's live entertainment and experiences unit generated €2 billion in revenue in the first nine months of 2025. In the same period, the gaming division grossed €1.1 billion.
Stephane Courbit, founder and chairman of Banijay, is the largest shareholder of the Amsterdam-listed group, with a 45% stake, while the French company Vivendi holds 19.2%, according to data from the data consultancy LSEG.
On the Dutch stock exchange, Banijay shares are trading up 1.23% at approximately 4:20 PM (local time) this Tuesday, January 13th. Over the past 12 months, the shares have depreciated by 2.9%. The company has a market capitalization of €3.47 billion.
