, with an expected combined revenue of $3.3 billion in 2019.
But in a few years, the likelihood of Vivendi upping its stake in Banijay is greater, an industry source said. “It’s difficult to imagine [that] Vincent Bolloré, who is known to be a corporate raider, put in millions into this deal without any agenda,” the source said.Jean-Baptiste Sergeant at Mainfirst Bank in Paris said that Vivendi’s investment in the Endemol Shine acquisition is currently only €250 million .
Under the terms of the merger, which needs approval by France’s antitrust board, the new combined group will be 67.1% owned by LDH, a holding company comprising Courbit’s Financiere LOV, De Agostini and Fimalac. At the moment, listing the new entity on the stock exchange isn’t conceivable, given Banijay and Endemol Shine’s respective debt loads of about $486 million and $1.83 billion as of December 2018.
If Vivendi were to buy out the new Banijay-Endemol Shine group down the line, that could raise red flags for the French antitrust board. Current antitrust regulations require French TV networks to dedicate 70% of their investment obligations to third-party independent productions, and also limit ownership rights of French TV networks.
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