In its first financial update since the close of its mega-combination with All3Media (The Traitors, Squid Game: The Challenge), production giant Banijay Entertainment (Peaky Blinders, Black Mirror, Big Brother, Survivor, MasterChef) posted a first-half revenue decline of 2.2 percent to €1.37 billion ($1.56 billion) amid reduced production volume.

The latest results do not yet include the performance of All3Media, whose financials will be part of the results from the second half of this year.

Banijay Entertainment’s production revenue dropped 11.9 percent, with the company citing “anticipated phasing in production,” while distribution revenue rose 10.5 percent, “fueled in particular by a format sale in the first quarter.” The company didn’t disclose which format that was. It emphasized, though, that “content production and distribution revenue is expected to normalize by year-end.”

Banijay Entertainment is part of Banijay Group, which reports its results grouped together with the company’s live events business. The latter recorded a 49.8 percent revenue increase in the first half, driven by the Winter Olympics and the FIFA World Cup. “The FIFA World Cup generated unprecedented player acquisition and engagement, supported double-digit pro forma revenue growth and strengthened our ability to grow across all products,” the company said. “In Entertainment & Live, record live activity and continued momentum across our content portfolio in distribution partly offset the anticipated phasing of content production, demonstrating the strength and diversification of our business model.”

François Riahi, CEO of Banijay Group, touted the latest results. “2026 is definitely a transformational year for Banijay Group,” he said, citing “the completion of the combination of Banijay Entertainment and All3Media,” along with other deals. They “grant the group more scale, more diversity in terms of geography, channels of distribution, and a better strategic positioning to achieve all its strategic goals, creating new opportunities for both growth and value creation.”

And he noted: “In the second half, we will enhance the integration processes in our two business units and will start delivering synergies.”