Banijay to go public as FL Entertainment in deal valued at $7.5bn

Banijay is set to go public in a deal that values the European production and distribution giant, as well as founder Stéphane Courbit’s online sports gambling group Betclic, at US$7.5bn.

Marco Bassetti

Courbit’s two companies will be merged into a new entity called FL Entertainment, along with special-purpose acquisition company Pegasus Entrepreneurs, backed by billionaires Bernard Arnault and Vincent Bolloré, head of Vivendi.

Shares in the new group will begin trading on Amsterdam’s Euronext stock market on July 1 with an enterprise value of €7.2bn (US$7.5bn) and an equity value of €4.1bn.

In a statement, Banijay CEO Marco Bassetti said: “In forming FL Entertainment with Pegasus Entrepreneurs, our chairman, Stéphane Courbit, has created new opportunities for Banijay to grow and maintain its resilient position in the market.

“Aligning us with gold-standard ESG and business excellence targets, the listing further strengthens our offering.”

The move comes two years after Banijay took over rival production group Endemol Shine in a US$2.2bn deal which grew its interests to include 120 production labels around the world, including Tiger Aspect in the UK and Bunim/Murray in the US. The new deal will give Courbit the chance to refinance the debt taken on in that transaction.

Banijay’s programme slate includes classic formats such as Big Brother, MasterChef and Survivor as well as drama series Black Mirror.