Gibson Dunn, Kirkland, Macfarlanes act on Traitors maker's $8bn TV mega-merger

Gibson Dunn and Kirkland & Ellis are among the firms advising on the merger of British production company All3Media with French group Banijay Entertainment in a deal that will create the world’s largest independent television producer.

The combination values the new business at around $8 billion and will bring together the companies behind hit global shows including Peaky Blinders and The Traitors.

Gibson Dunn is acting for All3Media and its owner RedBird IMI, while Kirkland is advising Banijay on the financing for the deal. Macfarlanes and several French firms are also advising Banijay.

Global TV production giant

The merged company will operate under the Banijay name and generate roughly €4.4 billion in annual revenue.

Under the deal, Banijay Group and RedBird IMI will each own 50% of the combined business. Banijay will receive €796 million to reflect the fact it is a larger business than All3Media.

All3Media is owned by RedBird IMI, the Abu Dhabi-backed investment vehicle formed by US private equity firm RedBird Capital Partners and International Media Investments, a media group based in Abu Dhabi.

RedBird acquired All3Media two years ago in a £1.15 billion deal from Warner Bros Discovery and Liberty Global.

Advising

Gibson Dunn is advising All3Media and RedBird IMI on the merger with a cross-border corporate team led by New York private equity co-chair Richard Birns and corporate partner Stefan dePozsgay.

The team also includes London private equity partner Will Summers, Paris partner Bertrand Delaunay and Los Angeles partner Steve Tsoneff.

Partners Eric Sloan and London-based James Chandler are advising on tax matters, while London finance partners David Irvine and Kavita Davis are advising on financing aspects.

RedBird is a long-standing client of Gibson Dunn. The firm has been acting for the investment group on the sale of the Telegraph Media Group to Daily Mail and General Trust (DMGT) and previously acted on the £100 million sale of The Spectator magazine in 2024.

Kirkland & Ellis is advising Banijay on the financing for the deal. Its team includes London debt finance partners Evgeny Zborovsky and Philipp Engel, capital markets partners Cedric Van den Borren and William Taylor, and Paris tax partners Nadine Gelli and Louise Chappey.

Macfarlanes is also advising Banijay alongside a number of French advisers including Darrois, VGG & Associés, Deloitte and BDGS Associés.