Fiction
Former Trump treasury secretary Steven Mnuchin joins Lionsgate’s board
CALIFORNIA: Lionsgate has pulled off a Washington-Hollywood crossover, appointing Steven Mnuchin to its board as the studio tightens ties with one of its biggest shareholders and steadies its governance.
The move follows a standstill and voting agreement between Lionsgate Studios, Mnuchin’s Liberty 77 Capital and MHR Fund Management, led by board chair Mark Rachesky, disclosed in a regulatory filing dated January 26. Mnuchin owns about 13 per cent of the studio.
“Steven brings a long record of public and private sector leadership and is an exceptional addition to the Lionsgate board,” Rachesky said. “His steady judgment, global perspective and deep industry insights will be enormously valuable as Lionsgate continues to grow as one of the world’s leading pure-play content studios.”
Investors liked what they saw. Lionsgate shares climbed to $10.09 in early Monday trading, a 52-week high.
The agreement curbs activist fireworks. Liberty 77 Capital and MHR are barred from lifting their combined stake beyond 17.5 per cent, making unsolicited proposals, launching proxy fights, forming shareholder groups or otherwise testing the studio’s governance guardrails.
Rachesky was explicit about the logic. “Steven and his fund are significant Lionsgate investors, and his interests are aligned with those of Lionsgate shareholders,” he said, adding that the board looked forward to working with him on “the creation of further shareholder value.”
Mnuchin, a hedge-fund operator with deep Hollywood roots, has co-financed the Avatar franchise and boasts more than 35 executive producer credits. He is also managing partner at Liberty Strategic Capital, which invests across technology, financial services, fintech and new-media content.
“I have long admired Lionsgate’s creativity, entrepreneurial spirit, and ability to excel in a competitive industry,” Mnuchin said. “I am pleased to join the company’s board. Lionsgate’s board and management team are building something dynamic and forward-looking, and I am eager to support that momentum.”
A former treasury secretary, a major shareholder and a film financier now sit at the same table. In Hollywood’s latest power play, the credits are rolling—and the stakes are rising.
Fiction
Banijay merges with All3Media in $6.65 billion deal
Marco Bassetti will lead the combined company as CEO
PARIS: Six years after acquiring Endemol Shine at the height of the pandemic, Banijay has struck again. The European production heavyweight is merging with All3Media in a deal that will create a television titan with $6.65 billion in revenue and redraw the contours of a fast-consolidating market.
The combined company will trade under the Banijay name and be owned 50 per cent each by Banijay Group and RedBird IMI, which acquired All3Media in 2024. The transaction is expected to close by autumn, subject to regulatory approvals.
Banijay Entertainment CEO Marco Bassetti, will take the top job at the enlarged group. All3Media CEO Jane Turton becomes deputy CEO. RedBird IMI CEO Jeff Zucker will serve as chairman.
The logic is scale. Broadcasters are commissioning less, streamers are tightening budgets and global buyers are fewer but bigger. Against that backdrop, heft matters. The merged entity will generate roughly $6.65 billion in revenues based on 2024 figures, giving it sharper elbows in rights negotiations and deeper pockets for franchise-building.
“Entrepreneurialism, ambition and creativity” remain core to Banijay’s DNA, Bassetti said, flagging plans to invest more heavily in new intellectual property, live events and emerging platforms. Turton struck a similarly bullish note, pointing to All3Media’s journey from a 2003 start-up to a global supplier of hit formats and high-end drama.
Between them, the two groups control a formidable slate. Banijay’s catalogue spans MasterChef, Big Brother, Survivor, Black Mirror, Peaky Blinders and Deal or No Deal. All3Media’s labels include Studio Lambert, producer of The Traitors and Squid Game: The Challenge; Two Brothers, behind The Tourist; and Neal Street, currently producing the forthcoming Beatles biopics directed by Sam Mendes for Sony.
The back catalogue is equally muscular. Banijay Rights holds some 220,000 hours, while All3Media International adds around 35,000 hours, forming one of the industry’s largest libraries.
Banijay, controlled by French entrepreneur Stéphane Courbit and listed in Amsterdam, counts more than 130 production companies across 25 territories. All3Media operates over 40 labels, with strong positions in the UK, US and Germany. The enlarged group will also lean into live entertainment, building on Banijay’s Balich Wonder Studio, which produced the opening ceremony of the Milan-Cortina Winter Olympics, and the Independents.
The deal marks a shift in tone. As recently as October, Bassetti suggested that mergers and acquisitions were not a priority. But the drumbeat of consolidation has grown louder. Mediawan has moved for Peter Chernin’s North Road. David Ellison’s Paramount has agreed to a $110 billion takeover of Warner Bros, with plans to combine HBO Max and Paramount plus. ITV has explored selling its media and entertainment arm to Comcast-owned Sky, though talks have reportedly slowed.
