RedBird IMI and Banijay have completed their $8 billion merger, creating what the two companies describe as the largest independent production company in the world. The newly combined business, to be called Banijay Entertainment, is headquartered in London and publicly traded, and unites Banijay's slate of shows and formats — including "Peaky Blinders" and "Big Brother" — with All3Media's titles such as "The Traitors" and "Undercover Boss". The completion matters because it consolidates two major players into a single production-distribution group with global reach.

Marco Bassetti will lead the new entity as CEO, with Jeff Zucker as chair and former All3Media CEO Jane Turton as deputy CEO; the All3Media name is being retired. The pair told Variety the European regulatory process took a little under six months and proved largely bureaucratic, requiring approvals across the many countries in which they operate. They are targeting around $60 million in synergies. London was chosen as the base because it is Europe's biggest media hub and the UK will now be the company's largest market, though Bassetti said he will commute from Paris. The merger comes two years after RedBird IMI acquired All3Media from Warner Bros. Discovery and Liberty Global, and the leadership plans to grow the business over the next three years in production, fiction, unscripted, live, digital and sport.