Skip to content FL Entertainment, company that owns the Banijay audiovisual group and the online betting company Betclic, directed by Stéphane Courbit and François Riahi, was successful in its IPO in Amsterdam, friday july 1st 2022.
This transaction is the result of FL Entertainment's merger with SPAC (Special Purpose Acquisition Company) Pegasus Entrepreneurial Acquisition Company Europe B.V. recalls Euronext in its press release (where the photo above is from). Controlled by Tikehau Capital and Financière Agache (holding company of the Bernard Arnault family), Pegasus had been listed on the Euronext market since last December.
"Being listed on the Euronext market is a major step and a great achievement for FL Entertainment" commented Stéphane Courbit, Chairman of the Board of Directors, in the Euronext press release. “Thanks to solid funding, shareholders who support us over the long term, and great talents, we are in a unique position to continue to strengthen our leadership and seize growth opportunities”.
The stock opened higher 5% at €11.55 for its first day of trading.
Banijay and Betclic united within FLE merging with Pegasus
announced on 10 May, approved on 22 June and closed on 30, the combination of FL Entertainment and Pegasus in the form of a reverse merger, was accompanied by a fundraising of 650M€. According to press releases issued at the time, Financial Lov (Stephane Courbit family), who is the controlling shareholder of FL Entertainment, contributes €250 million, PIPE investors (Private Investment in Public Equity) dont Exor, Vivendi, Fimalac, Investment Managers et Arjo, for around 230M€, the SPAC, 116M€, and Pegasus Partners, Financière Agache and Tikehau Capital, 50M€.
FL Entertainment, which brought together Banijay and Betclic, announced a turnover 2021 of 3,5 Billions of Euro's (including €741m from Betclic) and an Ebitda of €609m. After the operation, it was planned that (excluding PIPE investments) Financière Lov remains FLE's largest shareholder with just over 46% shares ( 72% voting rights) , Vivendi the second with approximately 19%, Fimalac 7%, SBM (who was a shareholder of Betclic up to 47,3%) 10% and Agostini 5%.
The board has two representatives from Pegasus Entrepreneurs, including Pierre Cuilleret, they are ceo, as well as two from Vivendi and one from SBM. Francois Riahi, CEO of Lov Financial, so is FL Entertainment, Sophie Kurinckx, currently CFO of Banijay, becomes CFO of FL Entertainment. Marco Bassetti, CEO of Banijay and Nicolas Beraud, CEO of Betclic, keep their responsibilities, and join the FL Entertainment management team.
Remember that the Banijay group is the largest independent group in the production of content on a global scale after its takeover of Endemol Shine a little less than two years ago for €2.2 billion.. belong to him more than 120 companies in 22 countries and franchises like Survivor/Koh Lanta, Master Chef, Fort Boyard, or Peaky Blinders.. When in Betclic, the company is active mainly in Europe, 91% of its revenues being generated in France, au Portugal, Poland, Germany and Italy.
For her first trimester 2022, Banijay had announced a strong increase in turnover of €677m against €544m the previous year at the same time, when the activity was still strongly impacted by the Covid, an EBIT of €52M (vs 23M€) and a net result, especially after a cost of debt (stable) the 31M€, the 12M€ (vs a loss of €21m in the 1st quarter 2021). L’Europe, outside of France, represents 352M€ (vs 299M€), the USA , where the increase was the strongest, 146M€ (vs 84M€), the rest of the world €76m (vs 65M€) and France €68m (vs 61M€). The group indicated that the vast reorganization launched in June 2020 to integrate Endemol has entered its finalization phase, restructuring costs falling sharply.
- Read the summarycommuniqué of Euronext on his site
- The Pegasus Entrepreneurs/FL Entertainment press release from 10 May detailing the reconciliation process and the stock market operation on the FL Entertainment website, that of 22 June (with fundraising details)
- The press release on Banijay's turnover in the first quarter on the Pegasus website
Beaucoup d’acquisitions en 2022
Update 30/09/22 : FL Entertainment sees its turnover increase by 19% in the first half at €18bn, mainly thanks to Banijay (+27% at €1.4 billion) while sports betting and online games are down slightly (-3%). Growth is partly linked to the exchange rate (at an equivalent rate, the increase would be 16%), to the resumption of full post-Covid activity, the launch of new programs such as Pride and Prejudice to USA, to distribution (+44%!) while in the first half Banijay acquired five companies : Legend Films and format designer Tooco in France, Znak TV active in UK and USA formats, Greenland in Italy, and Pookepsie Films in Spain. Since the group has since also acquired Sony Pictures Film-und Fernsehen GmbH (entertainment and fiction formats) in Germany, and in the field of youth programs and animation : Kindle Entertainment in the UK and Movimenti in Italy. EBITA was also up in the first half, of 16% (to €300M) while net income is down €18m due to IPO and reorganization costs. It was the company's first earnings release since its IPO.. Link to FL Entertainment's financial press release
Un CA de 4,5Md€ en 2023, dont 3,3Md€ pour l’activité contenus
Update 08/03/2024. FL Entertainment a publié un chiffre d’affaires en hausse de 13,8% at 4,537 milliards d’Euros (+8,37% à périmètre constant). L’EBITDA progresse de 15% à 756M€, le résultat net ajusté de 6,8% à 323M€. Ce n’est pas tant dans les contenus que le groupe a tiré sa croissance mais dans le jeu en ligne et les paris sportifs. Le chiffres d’affaires de l’activité contenus progresse de 3,4% à 3,3Md€ (+0,9% en production à 2,689Md€, +2,3% en distribution à 395M€), tandis que les paris sportifs bondissent de 19,3% à 996M€. Le catalogue de Banijay a grossit en taille de 16% in 2023 at 182 000 hours. Le groupe avait effectué beaucoup d’acquisitions en 2022, une quinzaine de sociétés, dont celle de l’australien Beyond Entertainment (8000h de programmes factuels) finalisée en janvier 2023 ( le groupe a depuis revendu l’activité production à son fondateur, gardant le catalogue). Ce fut nettement plus calme en 2023. Banijay s’est notamment encore renforcé en Angleterre. Après l’acquisition de Mam Tor Productions en octobre 2022, il a ainsi pris une part majoritaire de la société fiction The Forge (Becoming Elizabeth, Marriage, The Buccanneers pour AppleTV+) en novembre 2023, la société ne pensant donc pas encore dans les comptes. Banijay détenait déjà au Royaume-Uni les sociétés Kudos, Tiger Aspects (Peaky Blinders) et Wild Mercury, et un fonds de 50M£ a été créé en 2023 pour soutenir le développement du groupe sur le territoire sur 4-5 ans. Banijay n’est en revanche pas parvenu à racheter le groupe All3media (repris par le fonds d’investissement dirigé par Jeff Zucker, RedBird IMI). Last year, Banijay s’est également diversifié dans l’évènementiel, et la production de programmes sportifs. La dette du groupe a augmenté de près de 200M€ à 2,28Md€, elle a été re-financée à 85%.
Sur les sites du groupe, les communiqués sur les résultats financiers 2023, sur les résultats financiers 2022, sur les acquisitions en octobre 2022 of Mam Tor Productions au Royaume-Uni, of 51% de MoviePlus Productions en Israël en novembre 2022, of Beyond International Limited en janvier 2023, of The Forge en novembre 2023, la diversification dans l’évènementiel . La création du fonds de 50M£ en Angleterre en février 2023. La création de Banijay Sports en novembre 2023. The article of Variety sur le rachat de Mikael Borglund de l’activité production de Beyond en janvier 2024.
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