Banijay anticipates reaching €10bn revenue by 2029 after major acquisitions

(AsiaGameHub) –   Banijay Group has outlined an ambitious growth strategy to achieve €10bn (£8.65bn) in revenue by 2029, following two major transactions.

The France-headquartered entertainment conglomerate confirmed that its acquisition of Tipico Group and the merger of Banijay Entertainment with All3Media will reshape its business portfolio across content, live events, and gaming. 

Both transactions are anticipated to conclude in 2026, pending regulatory approvals.

On a pro forma basis, the expanded group is projected to generate approximately €7.4bn in revenue, €1.6bn in adjusted EBITDA, and €1.2bn in adjusted free cash flow.

Chief Executive Officer François Riahi characterized the company’s recent advancements as a “step-change” in its positioning.

“With a significantly strengthened platform spanning content, live, and gaming, we are constructing an unmatched global entertainment powerhouse, ideally positioned to seize long-term industry growth and consolidation opportunities,” he stated. 

“The signing of these two transformative deals marks a pivotal step in our development. We are transitioning to a stronger, more robust, and cash-generative platform. 

“Building upon this momentum, our revised outlook reflects both the strength of our platform and our confidence in delivering sustained growth, strong cash generation, and long-term value creation for our shareholders. By 2029, driven solely by organic growth, we will be a roughly €10bn revenue group.”

Banijay’s gaming focus

Gaming will occupy a central role in the new structure, making up over half of the group’s EBITDA, propelled by the integration of Tipico.

The company will merge its Betclic brand—one of the most prominent in its home market—with Germany’s Tipico, forming a company projected to generate over €3bn in revenue.

Banijay anticipates robust growth across both core divisions – Banijay Gaming and Banijay Entertainment – by 2029.

The gaming business is projected to grow at approximately 10% annually, while the entertainment segment is expected to achieve steady mid-single-digit growth. Overall, the group aims for over 7% annual EBITDA growth, along with double-digit earnings per share growth.

This strategy reflects a broader shift toward integrating content and betting, enabling Banijay to monetize its intellectual property across various channels, such as digital and live experiences.

A recent media expansion

Tipico anticipates generating approximately €100m in synergies over time, while the All3Media merger is projected to add an additional €50m within the first year post-completion.

The latter transaction was announced just at the beginning of this month—only days before it published its full annual results.

Banijay and RedBird IMI have agreed to merge the London-based business with Banijay Entertainment in a 50-50 joint venture.

This is poised to create one of the world’s largest independent content producers, as evidenced by the figures it would have hypothetically generated in 2024. On a pro forma basis, the combined group would have generated over €4.4bn in revenue and €690m in adjusted EBITDA.

In addition to growth, the group is indicating a focus on shareholder returns, with plans to gradually increase dividends over the next four years.

It also plans to distribute a €400m special dividend upon completion of the All3Media transaction, subject to shareholder approval.

Looking forward, Banijay’s strategy centers on three priorities: organic growth, unlocking synergies across its expanded operations, and selective acquisitions. The company also intends to invest in AI and technology to drive product innovation and enhance user engagement.

Plans in a heavily regulated jurisdiction

Banijay stated that its 2026 guidance is largely aligned with its longer-term targets, with mid-to-high single-digit EBITDA growth anticipated, though this will be marginally lower following the impact of tax hikes in France.

Retail sports betting taxes in France have risen to 42.1%, online sports betting taxes from 54.9% to 59.3%, and online poker is now taxed at 10% of GGR (up from 0.2% of stakes). 

There have also been discussions about regulating online casinos, which would presumably also face heavy taxation.

Banijay’s revenue increased by 10% to €1.59bn in 2025, and while this remains an impressive figure compared to some, the company still has a distance to cover to reach the 11-digit mark, especially amid these headwinds. 

However, with the ongoing integration of Tipico and All3Media, it has further diversified and believes it is now better positioned to navigate the ever-evolving industry and deliver growth over the coming years.