Banijay targets €10bn revenue by 2029 after dual acquisitions
Summary
Banijay Group has set out a medium-term growth plan anchored on two major acquisitions: Tipico Group (expected April 2026) and All3Media (expected autumn 2026). On a proforma basis the combined group would have produced €7.4bn revenue in 2025, €1.6bn adjusted EBITDA and €1.2bn adjusted free cash flow. The company is targeting €10bn revenue by 2029, aiming to drive that growth organically through monetising IP, expanding betting and gaming operations and extracting synergies rather than pursuing more large-scale deals.
Key Points
- Tipico acquisition expected to complete in April 2026; All3Media deal set for completion in autumn 2026.
- Proforma 2025: €7.4bn revenue, €1.6bn adjusted EBITDA, €1.2bn adjusted free cash flow.
- Target of €10bn revenue by 2029, driven mainly by organic expansion of the integrated business.
- Adjusted EBITDA expected to grow >7% annually to 2029; gaming operations forecast to grow c.10%, entertainment at a lower rate.
- Shift in earnings mix: sports betting and gaming to represent about 55% of proforma EBITDA (excluding synergies); mid-term gains c.€100m expected.
- All3Media combination expected to deliver around €50m of cost synergies within a year of closing.
- Dividend policy reset: annual dividend likely to grow >10%; an exceptional €400m payout linked to All3Media is being considered (subject to shareholder approval).
- Financial targets include free cash flow conversion >80% and a leverage goal of 2x net debt/EBITDA by 2029.
- Strategy emphasises monetising existing IP across digital and live formats, expanding betting/gaming where momentum exists, adopting technology including AI, and pursuing selective acquisitions.
Context and Relevance
This combination brings together content production, live experiences and betting under one platform, materially changing Banijay’s revenue mix and geographic exposure (notably more English-speaking markets). For investors, media executives and gaming operators it signals a clear shift towards a vertically integrated model that aims to convert content into multiple revenue streams while strengthening cash generation and shareholder returns.
Why should I read this?
Quick and blunt: big deals, big numbers, and a clear strategy to squeeze more cash from shows and betting. If you care about media M&A, gaming market shifts or where content companies will earn their money in the next few years — this is worth a read. We’ve done the skimming for you: revenue targets, dividend moves and where growth will actually come from.
Source
Source: https://next.io/news/investment/banijay-targets-eur10bn-revenue-by-2029/