Deadline: Banijay Production & Distribution Revenues Dip In H1 But Group Keeps Faith In Full-Year Profits Growth

Story from Deadline:

Revenue within Banijay‘s production and distribution arms fell by 7% and 20% respectively in the first half of this year, with the group putting this down to big scripted shows set to launch in Q4.

The Big Brother and SAS Rogue Heroes super-indie’s content production revenue dipped to around €1.1B, while distribution fell by the sharper 20.2% to €147M.

The new live events division, which was forged upon the purchase of Olympics ceremony organizer Balich Wonder Studio, more than doubled turnover to €150.7M, overtaking the distribution arm during the first six months of 2024.

Where profit is concerned, production and distribution are not separated by the results but the Banijay Entertainment division comprising production, distribution and live events saw a slight adjusted EBITDA decline of 2% to €196M. EBITDA margin held firm at 14%.

“The traditional seasonality of content production and live events is amplified in 2024 due to major scripted show deliveries in Q4 2024,” the group said upon the unveiling of Banijay-owner FL Entertainment‘s results. Shows incoming include new seasons of BBC One’s SAS Rogue Heroes and Canal+’s Marie Antoinette.

With these launches and other factors in mind including a “good pipeline of live shows in H2 2024,” the group confirmed guidance of “low-teens Adjusted EBITDA organic growth for 2024.”

During the first six months of this year, Banijay also acquired Peaky Blinders producer Caryn Mandabach Productions along with rights to the Cillian Murphy-starrer, while it struck a global development deal with The Traitors creator Marc Pos.

Last week, Banijay rival ITV Studios posted revenue declines of 13% to £869M, which it said were impacted by the U.S. labor strikes. It also made moves in the M&A market by buying Sherlock producer Hartswood and selling its stake in Blumhouse TV.

Banijay-owner FL’s turnover rose by 8.6% to €2B, while adjusted EBITDA was up 11.7% to €367M. Net debt remains stubbornly high at €2.4B, a touch above where it was at the end of 2023. The majority of that debt has been delayed for several years.