French TV production firm Banijay Group has closed its $2.2 billion acquisition of Endemol Shine from Disney and Apollo Global Management, creating a global production titan that will be the largest TV producer outside the U.S.
The French TV production firm closed its $2.2 billion acquisition of the 'Big Brother' producer to create a global production titan that will be the largest TV producer outside the U.S.
Keeping Up With the Kardashians).Banijay, led by CEO Marco Bassetti, had already called itself "the world's largest independent content creation group for TV and multimedia platforms" after various acquisitions over the years before striking a late October
deal with Endemol Shine for around $2.2 billion. The combined powerhouse's 2019 revenue was estimated at about $3.3 billion. Banijay completed a refinancing drive in February, raising €2.3 billion ($2.5 billion) from European and U.S. investory to bankroll the Endemol Shine deal. The company listed the details of the financing, which include €575 million in senior secured notes due 2025; $403 million in senior secured notes due 2025; €400 million in senior notes due 2026; a €453 million term loan B facility, a $460 million term loan B facility; and a €170 million (equivalent) multi-currency Revolving Credit Facility.
When announcing the deal, Banijay said it would be financed through a capital increase at Banijay Group and debt financing, including a full refinancing of Banijay and Endemol Shine’s existing debt. Deutsche Bank, Natixis and Société Générale are backing the refinancing effort. As of December 2018, Banijay’s and Endemol Shine’s respective debt was approximately $486 million and $1.83 billion.
In anticipation of the deal, Banijay has been busy setting up its executive team for the new, merged company. It recently named Cathy Payne, a former Endemol Shine executive, the new CEO of Banijay Rights, the company's international sales arm, and appointed John Richards, who worked with Payne at Endemol, CFO of the group. Roisin Thomas will remain COO of the unit.
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