\t\t\t\t\t\t<\/p><\/div><\/div> \t\t\t\t\tThe Traitors<\/em> is one of Banijay Entertainment\u2019s top global formats.<\/span><\/p>\n \t\t\t\t\t\t\t\t\tEuan Cherry\/Peacock<\/cite><\/p>\n<\/figcaption><\/figure>\n<\/div>\n \n\tEven if scale wasn\u2019t the primary objective, it clearly matters. What advantages does scale bring in the market today?<\/strong><\/p>\n \n\tScale is increasingly important because our industry remains fragmented. But it\u2019s important to understand what Banijay actually is. We don\u2019t operate as one centralized production company. We\u2019re a federation of creative businesses that retain enormous autonomy. We don\u2019t tell producers which broadcaster to work with or what genres to make. They remain entrepreneurial. Our job is to support them \u2014 with financing, market intelligence, distribution, investment and by helping them retain ownership of their IP.<\/p>\n \n\tSize allows us to provide those services. With our global distribution business and a catalogue of more than 260,000 hours, we can give shows a much longer life internationally. We can negotiate better deals, both for our own companies and for third parties who use our distribution arm. We can monetize content through digital platforms, FAST channels and social media, and we can invest in IP we believe has long-term value. Scale isn\u2019t the goal in itself. It\u2019s what enables us to better serve creative talent.<\/p>\n \n\tDoes that mean it\u2019s becoming increasingly difficult for smaller independent producers to survive?<\/strong><\/p>\n \n\tI think it\u2019s harder today to remain independent on your own than as part of a group like ours. The people who join Banijay generally stay because they retain their independence while gaining access to services they couldn\u2019t build themselves. We support them in good times and bad.<\/p>\n \n\tBeing part of a larger group also creates opportunities. Formats travel between countries. Producers share ideas and best practices. Successful formats generate royalties across the network. Those advantages are much harder to achieve as a standalone producer in today\u2019s market.<\/p>\n \n\tOne thing that stood out about the merger was how modest the projected cost synergies were. You\u2019re projecting \u201cjust\u201d \u20ac50 million ($57 million) in savings there. That suggests this isn\u2019t a deal driven by job cuts.<\/strong><\/p>\n \n\tThat\u2019s right. The businesses are complementary rather than overlapping. All3Media brings strengths we didn\u2019t have, including [All3Media\u2019s social media agency and digital production company] Little Dot Studios, which gives us a much stronger digital and social media capability. The U.K. business also significantly strengthens our position in the English-speaking market.<\/p>\n \n\tThe efficiencies we\u2019re targeting come from procurement, real estate, insurance and support functions \u2014 not from cutting producers or creative teams. The whole purpose of the merger is to bring together creative talent and preserve the IP they\u2019ve built. That\u2019s why the announced synergies are relatively modest.<\/p>\n \n\tWhere do you see the biggest opportunities for growth now that the merger is complete?<\/strong><\/p>\n \n\tThere is still growth in our traditional production business if we become even better at exploiting our IP globally. But the biggest opportunities go beyond television production.<\/p>\n \n\tWe\u2019re investing in extending our brands into live experiences, gaming and immersive entertainment. We\u2019re launching theatre productions, we\u2019ve developed a Black Mirror<\/em> VR experience<\/a>, we\u2019re expanding Peaky Blinders<\/em> into new formats, and we\u2019re creating live events around brands like The Traitors<\/em>. We see significant opportunities wherever strong IP can travel beyond television.<\/p>\n \t\t\t\t\t\t \t\t\t\t\tThe Black Mirror Experience<\/em> poster<\/span><\/p>\n \t\t\t\t\t\t\t\t\tCourtesy of Banijay<\/cite><\/p>\n<\/figcaption><\/figure>\n<\/div>\n \n\tSport is another important growth area. Sport and entertainment are increasingly overlapping, and major sporting events need creative storytelling. Through Balich Wonder Studio, we produced the opening ceremonies for the FIFA World Cup in the U.S. and Mexico, just as we\u2019ve worked on the Milano Cortina Olympic ceremonies.<\/p>\n \n\tDigital monetization is another major focus. With our catalogue, FAST channels and enormous social media reach, we believe there\u2019s still considerable upside.<\/p>\n \n\tWhat about more acquisitions? With ITV Studios being spun off from the Sky<\/a>-ITV deal, a new big target just came on the market. Are you interested in adding them to your stable? <\/strong><\/p>\n \n\tIt\u2019s far too early to talk about that. We completed this merger only hours ago. We need to, shall we say, digest this first, to execute this merger. But I think if there are new opportunities, we know our shareholders support our strategy, they believe in us and our management team. <\/p>\n \n\tSo if there is a good opportunity for us, we\u2019ll take a look. But right now, there is nothing on the table [regarding ITV Studios], so there is no plan there. Our immediate priority is integrating Banijay and All3Media successfully.<\/p>\n \n\tDoes strengthening your U.K. business and expanding more into the English-language production mean you\u2019ll compete more directly with the major Hollywood studios?<\/strong><\/p>\n \n\tOur model won\u2019t change. We\u2019ve always followed what I\u2019d call the European model. We develop projects, invest in ideas, pitch them and, once they\u2019re commissioned by broadcasters or platforms, we produce them. That gives us a balanced level of risk.<\/p>\n \n\tWe\u2019re not trying to become a studio, another Warner Bros. or Universal. Our strength is television. We\u2019re the world\u2019s largest producer of unscripted programming and one of the biggest scripted television producers. We will continue expanding in scripted series, unscripted entertainment and documentaries. But I believe that there will be more opportunity for us to take limited risk on projects that allow us to be more direct to consumers on the other side of the ocean.<\/p>\n \n\tSo far, for example, we haven\u2019t done much business in theatrical movies. But now we have a film like [Oscar-winner] Hamnet<\/a><\/em>, which was sitting in All3Media [Hamnet<\/em> producer Neal Street Productions is an All3Media company]. We will probably do more but that won\u2019t be a priority. We will stay more with where we are, as the biggest producer in the world for unscripted and one of the biggest for scripted, but doing scripted mostly as series, not as theatrical movies.<\/p>\n \t\t\t\t\t\t \t\t\t\t\tJessie Buckley in Hamnet.<\/em><\/span><\/p>\n \t\t\t\t\t\t\t\t\tAgata Grzybowska\/Focus Features\/Courtesy Everett Collection<\/cite><\/p>\n<\/figcaption><\/figure>\n<\/div>\n \n\tWhat about newer formats like vertical dramas or microdramas?<\/strong><\/p>\n \n\tWe\u2019re experimenting in some markets because our production companies have the freedom to pursue local opportunities. But strategically, it\u2019s not a major focus today. We\u2019re still assessing how sustainable those business models are.<\/p>\n \n\tNow that you\u2019ve completed this merger, what\u2019s the biggest challenge facing Banijay?<\/strong><\/p>\n \n\tThe first challenge is delivering the integration successfully, although we\u2019ve done this before with Zodiak (in 2015)<\/a>, and with Endemol (in 2019)<\/a>, so we\u2019re confident we\u2019ll manage.<\/p>\n \n\tThe bigger challenge is cultural. We have to preserve the flexibility that defines our company. Our industry changes constantly. Consumption habits evolve, distribution evolves, new business models emerge. We have to keep adapting.<\/p>\n![\"\"](\"https:\/\/www.hollywoodreporter.com\/wp-content\/themes\/vip\/pmc-hollywoodreporter-2021\/assets\/public\/lazyload-fallback.gif\")
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