People/Biz

Banijay completes refinancing drive for Endemol Shine Group acquisition

Paris-based producer/distributor Banijay Group has successfully closed its refinancing drive to raise €2.3 billion (US$2.5 billion) for the acquisition of Endemol Shine Group, the company behind Big Brother and Black Mirror. The ...
February 10, 2020

Paris-based producer/distributor Banijay Group has successfully closed its refinancing drive to raise €2.3 billion (US$2.5 billion) for the acquisition of Endemol Shine Group, the company behind Big Brother and Black Mirror.

The acquisition – first unveiled in October for US$2.2 billion – now makes Banijay Group the world’s largest independent production outfit.

“Following positive feedback from the investor community, the business was oversubscribed and raised the full investment across Euros and U.S. dollars with a maturity of five years; the necessary funds to re-finance the group’s existing debt, as well as that of ESG,” Banijay said in a release.

Full details of the financing strategy include €575 million senior secured notes due 2025; $403 million senior secured notes due 2025; €400 million senior notes due 2026; €453 million term loan B facility; $460 million term loan B facility; and €170 million (equivalent) multicurrency Revolving Credit Facility, of which €75 million (equivalent) would be made available prior to the closing of the ESG acquisition.

Banijay Group financed the deal through a capital increase and committed debt financing, including a committed full refinancing of Banijay and Endemol Shine’s existing financial debt, supported by Deutsche Bank, Natixis and Société Générale. The combined group will now be held by holding company LDH (67.1%) and French media company Vivendi (32.9%).

Banijay will now concentrate on completing the regulatory process.

The agreement between the two outfits ensures that Banijay will obtain Endemol Shine’s 120 production labels with an estimated 66,000 hours of scripted and unscripted programming together with over 4,300 registered formats.

Production companies currently living under the Endemol Shine banner include Endemol Shine North America, Truly Original, Authentic Entertainment, 51 Minds, DSP, Endemol Shine Boomdog, Dragonfly, Remarkable, Tiger Aspect and Zeppotron. Flagship non-scripted titles include Big Brother (pictured), MasterChef, All Together Now, Deal or No Deal?, The Wall, Extreme Makeover: Home Edition, Hunted, The Biggest Loser and LEGO Master to name a few.

As a result of the purchase, Banijay will expand into an even larger global production entity comprising close to 200 production companies in 23 territories and the rights for nearly 100,000 hours of content.

With files from Barry Walsh and Frederick Blichert

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