Banijay All3Media Merger Completes as Betclic Owner Scales Up

Banijay Group has completed the combination of Banijay Entertainment and All3Media, creating the world's largest independent television production company, headquartered in London and spanning 25 territories. For the gambling industry the deal matters because it is the same Euronext Amsterdam listed parent that owns Betclic, Tipico and the recently agreed French casino group JOA, confirming Banijay as one of the very few groups that runs a top-tier content studio and a top-tier betting and gaming business side by side.

The transaction, announced as completed on 9 July 2026, was reported across the trade press including SBC News. Banijay Group and RedBird IMI each hold 50 percent of the new content company, with Banijay consolidating it. The wider group's gaming arm, Banijay Gaming, generated 1.59 billion euros in revenue in 2025, so this is not a media story with a gambling footnote. It is a structural shift at the top of a business that sits inside the European betting market.

What exactly did Banijay and All3Media complete?

Banijay and All3Media completed a merger of their production and distribution businesses into a single company, the biggest independent producer in the world. According to the Banijay Group announcement, the combined content entity carries pro forma 2025 revenue above 4.3 billion euros and adjusted EBITDA above 700 million euros, operating across 25 territories with a library of more than 265,000 hours of programming. The company expects roughly 50 million euros of cost synergies within the first year.

The catalogue behind those numbers is familiar to television audiences worldwide and includes MasterChef, The Traitors, Big Brother, Survivor, Race Across the World and Peaky Blinders. The point for gambling readers is not the shows themselves but the balance sheet and ownership they now sit inside.

Why does a television merger matter to the iGaming industry?

It matters because Banijay Group is a genuine dual play, a content powerhouse and a betting and gaming operator under one listed roof. Most large gambling groups, from Flutter to Entain to Evoke, are pure play gambling companies. Banijay is different. Its Banijay Gaming division owns Betclic, one of the largest sports betting brands in France, Portugal and Poland, alongside the German focused Tipico and the Admiral brand, and it has agreed to buy France's second largest land based casino operator. A stronger, cash generative media arm gives the group scale, financing capacity and diversification that a standalone operator does not have.

How big is Banijay Gaming inside the group?

Banijay Gaming is now the group's fastest growing engine. Banijay Group reported full year 2025 revenue of 4.88 billion euros, up 3.4 percent, with adjusted EBITDA of 961.1 million euros, up 8.6 percent. The online betting and gaming division delivered 1.59 billion euros of that revenue, up 10.2 percent year on year, with adjusted EBITDA of 425.2 million euros, up 12.6 percent, at a margin of 26.7 percent. In other words the gaming arm grew roughly three times faster than the group as a whole.

The mix inside the gaming division shows where the momentum is:

Banijay Gaming 2025 revenue by product

Product	2025 revenue	Year on year change
Sportsbook	1.21 billion euros	Up 6.8 percent
Casino	249.3 million euros	Up 17.4 percent
Poker	105.8 million euros	Up 36.5 percent
Turf betting	24.3 million euros	Up 17.7 percent
Division total	1.59 billion euros	Up 10.2 percent

Figures are drawn from Banijay Group's 2025 full year results. Sportsbook remains the anchor, but casino and poker are growing far faster, which is exactly why the group has been buying land based casino assets to widen the base.

Who is running the new company?

The leadership line up puts a familiar media name at the top of the content business. Jeff Zucker, chief executive of RedBird IMI, becomes chairman of the combined producer. Marco Bassetti continues as chief executive, and Jane Turton, the former All3Media chief executive, becomes deputy chief executive. Francois Riahi remains chief executive of Banijay Group, the listed parent that also oversees Banijay Gaming and Banijay Live.

"This merger marks a defining milestone in Banijay Group's history." Francois Riahi, chief executive officer, Banijay Group.

How does the JOA casino deal fit in?

The merger lands just days after Banijay Gaming agreed to take full control of Groupe JOA, France's second largest casino operator by number of venues. As we reported in our coverage of the Banijay Gaming acquisition of JOA's 33 casinos, the target runs 33 casinos with more than 4.6 million annual customers and around 430 million euros of 2025 gross revenue, plus 37 restaurants, 44 bars and five hotels. The seller is a group of funds managed by Blackstone and Kings Park Capital, and completion is targeted for the second half of 2026, subject to employee consultation and regulatory approval, according to Yogonet.

Riahi framed JOA as part of a wider land based strategy, saying the deal would let the group "become a leader in land based gaming in another of our core countries: France", following its positions in Germany and Austria. JOA chairman Laurent Lassiaz is set to stay on, with the existing management team retained.

What about Tipico and Betclic?

The JOA deal follows the consolidation of Betclic, Tipico and Admiral under a single Banijay Gaming banner. Banijay Group completed its acquisition of a majority stake in Tipico in the first half of 2026 and merged it with Betclic to create one of the largest betting and gaming groups in continental Europe. Betclic continues to post strong numbers, with SBC News reporting first quarter 2026 betting revenue of 326 million euros for the brand. The combination gives the group leading positions in France, Germany, Italy, Portugal, Poland and the Nordics.

Is Banijay listed, and where?

Banijay Group trades on Euronext Amsterdam, and its market capitalisation now exceeds 3.7 billion euros. That listing is central to the story. A quoted parent gives Banijay a currency for acquisitions, a public cost of capital and a level of financial disclosure that most privately held gambling groups avoid. It also means the gaming division's results are visible every quarter alongside the content business, which is unusual transparency for a European betting operator of this size.

How does this compare with other iGaming M&A right now?

Banijay's expansion is part of a broader wave of consolidation across the sector. In recent days alone the market has seen Merkur Group agree to buy White Hat Studios, and Cirsa take a majority stake in Paraguay's Slots del Sol, both signs that scale and cross border reach are the priorities heading into 2027. Banijay's twist is that it is bolting a betting and gaming empire onto a global content machine rather than buying another operator.

Banijay's gaming footprint versus a typical pure play operator

Feature	Banijay Group	Typical pure play operator
Core business	Content production plus betting and gaming	Betting and gaming only
Listing	Euronext Amsterdam	Varies (London, US, private)
Betting brands	Betclic, Tipico, Admiral	Single or clustered brand family
Land based casinos	Expanding via JOA (33 venues)	Often online only
2025 gaming revenue	1.59 billion euros	Varies widely

What are the risks in this strategy?

The main risk is complexity. Running a global content studio and a multi market betting business under one listed parent means two very different regulatory worlds, media rights and content compliance on one side, gambling licences, responsible gambling duties and betting taxes on the other. French rules, for example, restrict licensed online play to sports betting, horse racing and poker, with no legal online casino, which shapes how much of the JOA land based casino model can move online. Integration of Tipico with Betclic and the pending JOA completion also carry the usual execution risk that comes with back to back deals.

What does the merger mean for players and partners?

For players, little changes at the point of a bet. Betclic, Tipico and Admiral continue to operate as consumer brands. For suppliers, affiliates and rights holders, the message is that Banijay Gaming now sits inside a better capitalised, more diversified parent with a clear appetite for acquisitions, which usually means more procurement, more marketing spend and more competition for talent and content.

What happens next?

Attention now turns to closing the JOA acquisition in the second half of 2026 and bedding down the Tipico and Betclic integration, while the newly combined content company chases its 50 million euros of synergies. Expect Banijay to keep using its listed platform and its media cash flows to pursue further gaming deals, particularly in land based markets where it can build the kind of leadership Riahi has described in Germany, Austria and now France.

Key facts

• Banijay Entertainment and All3Media completed their merger on 9 July 2026, forming the world's largest independent producer, headquartered in London across 25 territories (Banijay Group).
• Banijay Group and RedBird IMI each own 50 percent of the combined content company, which carries pro forma 2025 revenue above 4.3 billion euros and adjusted EBITDA above 700 million euros (Banijay Group, 2026).
• Banijay Gaming, owner of Betclic, Tipico and Admiral, posted 1.59 billion euros of 2025 revenue, up 10.2 percent, within group revenue of 4.88 billion euros (Banijay Group 2025 results).
• Banijay Gaming has agreed to buy Groupe JOA, France's second largest casino operator, with 33 casinos and around 430 million euros of 2025 gross revenue, completion targeted for the second half of 2026 (Yogonet, 2026).

Frequently asked questions

Did the Banijay and All3Media merger actually complete?

Yes. Banijay Group announced on 9 July 2026 that the combination of Banijay Entertainment and All3Media had completed, creating the world's largest independent television production company, headquartered in London.

Does Banijay own Betclic and Tipico?

Yes. Betclic, Tipico and Admiral all sit within Banijay Gaming, the betting and gaming division of Banijay Group. Tipico was consolidated and merged with Betclic in 2026.

How much revenue does Banijay Gaming make?

Banijay Gaming reported 1.59 billion euros of revenue in 2025, up 10.2 percent year on year, with adjusted EBITDA of 425.2 million euros at a 26.7 percent margin.

What is the JOA casino deal?

Banijay Gaming has agreed to acquire Groupe JOA, France's second largest casino operator, which runs 33 casinos with more than 4.6 million annual customers. Completion is targeted for the second half of 2026, subject to regulatory approval.

Where is Banijay Group listed?

Banijay Group trades on Euronext Amsterdam, with a market capitalisation above 3.7 billion euros.

Updated July 2026. This is trade news for industry professionals. 18 plus. If gambling is affecting you or someone you know, support is available through national responsible gambling services.