French entertainment giant Banijay Group is exploring a potential acquisition of ITV or its production division, ITV Studios, according to a report from the Financial Times.
The company, which produces shows such as “Peaky Blinders” and “Big Brother,” is considering several options, including a full takeover of the broadcaster or a partial deal focusing solely on its highly successful production arm. ITV Studios, which makes content for platforms like the BBC and Netflix, is regarded as one of the world’s leading producers.
Speculation around a potential sale has fueled a roughly 10 percent rise in ITV’s share price this year. Analysts have suggested that ITV Studios alone could be worth more than ITV’s entire £3 billion (U.S. $4 billion) market capitalization.
Any full acquisition of ITV would likely require Banijay to secure additional investment. Talks are at an early stage and there is no certainty that a deal will be finalized.
ITV has also been in separate discussions with RedBird IMI, a venture backed by Abu Dhabi, which recently bought All3 Media, the producer of “Traitors,” for £1.2 billion (around U.S. $1.61 billion). ITV had been in the running to buy All3 Media in 2023, but was ultimately outbid.
ITV recently reported a 3 percent decline in total revenue to £4.1 billion (around U.S. $5.51) for 2024. Despite this, adjusted profits rose 11 percent to £542 million (around U.S. $728 million), largely due to the strong performance of ITV Studios.
ITV’s CEO, Dame Carolyn McCall, has been under pressure to improve revenues and bolster the company’s share price amid a challenging environment marked by a decline in traditional TV advertising and heightened competition from streaming giants such as Netflix, Amazon Prime Video and Disney Plus.
Analysts at Bernstein believe a full takeover of ITV is an “unlikely scenario,” suggesting instead that a transaction involving only ITV Studios’ operations outside the UK could be more viable. Simon Baker noted, “We see little commercial logic to a combination of ITV’s broadcasting business with any overseas broadcaster or production company. [However], a spin-off of ITV Studios’ non-UK business could crystallize value and offer the prospect of synergies.”
Banijay acquiring ITV Studios would dramatically shift its portfolio toward scripted programming. Banijay, founded in 2008, expanded significantly through a merger with Zodiak in 2015 and its $2.2 billion acquisition of Endemol Shine in 2019, adding global hits like “MasterChef,” “Big Brother,” and “Black Mirror.” The company is publicly listed in Amsterdam with a market value of €3.6 billion (around U.S. $4.1 billion).
On Monday, ITV’s shares dropped by 3 percent. The company declined to comment on the ongoing discussions.
