Paris-based global TV production company Banijay – along with online betting firm Betclic – are to go public via a merger with a SPAC to list as FL Entertainment. Both firms were established by Stéphane Courbit who has grown them through a series of leveraged acquisitions.
Established media investors participating in the deal include Bernard Arnault and Vincent Bolloré along with existing shareholders including Vivendi. The company is expected to have a €7bn value when trading begins on the Amsterdam bourse in July, against Banijay’s €3bn revenues. Banijay owns 120 production companies across 22 countries, including Endemol Shine. The IPO will raise €500m in new funds, primarily for new acquisitions.