After revealing the deal, Banijay said Beyond will become a wholly owned subsidiary once the scheme has been implemented, with its shares no longer publicly traded.
Marco Bassetti, CEO of Banijay, commented on the acquisition: “As content demand continues to soar, catalogue remains key and, in acquiring Beyond, we would take our offering up considerably.
"Primarily bolstering our IP and production portfolio in the English-language and factual space, with Beyond’s complementary content, the deal can enhance our position as a leading go-to for clients and commercial partners alike.”
Mikael Borglund, Managing Director and CEO of Beyond International, further added: “The Beyond Board is very much supportive of the deal, which will see us join Banijay’s group, bolstering its standing in what is an increasingly competitive market.
"Joining a leading global business like this is a very exciting opportunity for us, and we look forward to collaborating on newfound opportunities ahead.”
Banijay has a large catalogue of intellectual property, one which will now be bolstered by Beyond's own 8,000 hours of IP: including Highway Thru Hell, Heavy Rescue: 401, Massive Engineering Mistakes, Halifax: Retribution and MythBusters.
In recent weeks, FL Entertainment released its H1 report, which showed it had generated €396.6m (US$388.5m) in sports betting revenue – a 3% annual decline the company blames on the quieter sports calendar of 2022 compared to 2021.
However, despite the sports betting fall, Banijay generated €1.17bn across all segments, up 25% year-on-year.