Media Giant Banijay and All3Media Merge: Betting Business Thrives Despite Hurdles

The media world is experiencing a massive upheaval. Banijay Group and RedBird IMI have completed the merger of Banijay Entertainment and All3Media. This creates the world's largest independent production company, headquartered in London. It is a global player. This consolidation was originally announced in March 2026. It combines Banijay Entertainment's international footprint with All3Media's strength in English-language markets. The new media and entertainment consortium will operate across 25 territories. Both partners, Banijay Group and RedBird IMI, each hold a 50 percent stake.

Although the media giants' focus is on content, the gambling business remains a key pillar of the Banijay Group. Banijay Gaming, a European gambling conglomerate, continues to expand. This is evidenced by the recent acquisition of JOA Groupe, France's second-largest casino operator. The company is also active in Germany. Here, Banijay holds a majority stake in the German gambling giant Tipico. Tipico recently merged with Betclic. Betclic is one of France's largest sports betting companies. The gambling segment recorded impressive figures. Revenue for its online betting and gaming division rose 10.2 percent year-on-year to €1.59 billion in 2025. Adjusted EBITDA grew by 12.6 percent from €379.8 million to €425.2 million. This development underscores the robustness of Banijay Group's gambling business, even in a challenging market environment.

Numbers and facts

The combined group of Banijay Entertainment and All3Media would have generated consolidated revenue of over €4.3 billion and adjusted EBITDA of more than €700 million in 2025. This is according to company figures. Variety even reports a total value of $8 billion for the merger. Within one year of the transaction closing, the company expects cost synergies of approximately €50 million. Banijay's market capitalization on Euronext Amsterdam currently exceeds €3.7 billion. The new entity has over 265,000 hours of program content. The portfolio includes well-known formats such as MasterChef, The Traitors, Big Brother, and Peaky Blinders. Jeff Zucker, CEO of RedBird IMI, will serve as Chairman of Banijay Entertainment. Marco Bassetti remains CEO, and Jane Turton, the former CEO of All3Media, takes on the role of Deputy CEO.

Background

The media industry is facing consolidation. This trend is evident in the huge merger. The merger strengthens the ability to develop intellectual property across various areas. These include scripted and unscripted content, sports, digital, live events, and immersive experiences. Banijay Group strategically invests in gambling. This could serve to offset challenges in the online betting space. There, taxation, regulation, and competition continue to create headwinds. This is particularly noticeable in France and Germany. France has some of the highest gambling taxes in Europe. Retail sports betting is taxed at 42.1 percent. Online sports betting is at 59.3 percent. The online poker tax recently increased from 0.2 percent of stakes to 10 percent of gross gaming revenue (GGR). This is the revenue a operator generates minus paid-out winnings. Both markets, France and Germany, struggle with the increasing prominence of the black market. However, France's channelization rate is around 85 percent. Germany estimates its rate at 77 percent. That is a significant difference.

“This merger marks a defining milestone in Banijay Group’s history. Banijay Entertainment and All3Media are highly complementary businesses with exceptional creative assets and global ambition.” - François Riahi, CEO of Banijay Group

Why it matters for German players

For German players, this media merger does not result in direct changes. However, Banijay's involvement in Tipico is relevant. Tipico is a well-known company in the German market. The Gambling State Treaty 2021 (GlüStV 2021) has newly regulated the online gambling market in Germany. It has created specific requirements for legal providers. Tipico is listed on the whitelist of the Joint Gambling Authority of the Federal States (GGL). This means the casino is legal in Germany. Players can play there with confidence. Licensed providers must adhere to strict rules. These include a stake limit of 1 euro per spin on slot machines and a deposit limit of 1,000 euros per month. These measures are intended to protect players. Player behavior recorded in LUGAS, the cross-state gambling supervision system, is monitored. This is to ensure compliance with limits and prevent gambling addiction. The stable development of Banijay Group's gambling business, even under difficult regulatory conditions, could lead to further investments in the German market. Nevertheless, the strict rules of the GlüStV 2021 remain binding for all GGL-licensed providers.

What it means for GGL-licensed casinos

The global expansion of conglomerates like Banijay shows that the gambling market remains attractive despite all regulatory hurdles. For GGL-licensed casinos, this means increased professionalization and consolidation of the industry. The need to comply with strict regulations such as the GlüStV 2021 requires significant investments in compliance, technology, and player protection measures. While the German market is more regulated due to GGL licensing, it also offers legal certainty for operators and players. This could lead to a long-term strengthening of reputable providers. Companies that make these investments and adhere to the rules can gain a competitive advantage. However, high tax burdens and pressure from the black market continue to be challenges. This requires continuous adaptation and optimization of business models by licensed providers. Collaboration with media companies can create new synergies here.