Fiction
Warner Bros Discovery sees Sachem Head double stake in Q4 filing
Activist fund ups bet as Paramount circles and Netflix deal looms
NEW YORK: Warner Bros Discovery has drawn fresh activist attention, with hedge fund Sachem Head Capital Management more than doubling its stake in the media giant during the fourth quarter, according to a regulatory filing.
The fund, one of 2025’s best performers, said it held nearly 8 million shares in Warner Bros Discovery by the end of December. The position ranks among its ten largest US equity bets, underlining growing investor interest in the company as takeover drama gathers pace.
The move comes at a pivotal moment for the studio and streaming group. Warner Bros Discovery has agreed to sell its streaming and studios business to Netflix, a deal that has stirred interest across the industry and sparked a rival approach from Paramount Skydance.
Paramount has already made a hostile bid that was rejected last month, but it is far from backing down. This week, the company stepped up pressure on Warner Bros Discovery, urging the board to at least consider whether its offer could be made more attractive than Netflix’s proposal.
Paramount has also hinted at a possible boardroom battle, suggesting it could attempt to replace directors. It even floated the idea of bringing in the head of Pentwater Capital Management, one of Warner Bros Discovery’s largest investors, as a potential board candidate.
With a market value of about 70 billion dollars, Warner Bros Discovery now sits at the centre of a high stakes contest between strategic buyers and activist investors. Sachem Head’s increased holding signals that the hedge fund sees opportunity in the turbulence.
The filing also revealed new bets by Sachem Head elsewhere. The fund bought 5.2 million shares in telecoms company EchoStar, and opened fresh positions in used car retailer Carvana and entertainment group Live Nation.
Such filings offer a snapshot of hedge fund portfolios at the end of the previous quarter. While they are backward looking, investors still track them closely for clues on which stocks are gaining favour or becoming targets for change.
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.
