Fiction
Paramount sues WBD: The battle for the silver screen
LOS ANGELES: The popcorn is ready and the lawyers are out. In a move that has sent shockwaves through Tinseltown, Paramount has officially filed a lawsuit against Warner Bros. Discovery (WBD). This is not just a boardroom disagreement; it is a full-blown corporate thriller being played out in the Delaware Court of Chancery.
At the heart of the drama is Paramount’s whopping $30 per share all-cash bid to buy WBD. But instead of accepting it, WBD’s board has been exploring other deals, favouring a merger deal with Netflix instead. Paramount is now crying foul, alleging that the WBD leadership is keeping shareholders in the dark about the true value of the rival offers.
Paramount’s official release pulled no punches. They claim WBD is hiding the “math” behind their decision. Specifically, they are questioning the valuation of a proposed spin-off of WBD’s cable assets, such as CNN and Discovery. Paramount argues this new entity is essentially “worthless” and that their own cold, hard cash is the only deal that makes sense for investors. They are suing to force WBD to open the books and show exactly why they think the Netflix deal is better.
WBD was quick to fire back with a response that was equally cinematic. In a statement posted to their investor site, they dismissed the lawsuit as “meritless” and nothing more than a “distraction.” According to WBD, Paramount is simply trying to create a scene because their own offer is bogged down by a massive $54 billion debt mountain. WBD insists that the Netflix merger is the more stable path forward, providing a cleaner break from traditional cable TV.
For the average viewer, it is a classic case of “he said, she said” with billions of dollars on the line. Paramount is now threatening a proxy war, aiming to replace WBD’s directors with their own hand-picked cast. Whether this ends in a happy marriage or a messy divorce remains to be seen, but for now, the legal credits are just beginning to roll.
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.
