[ad_1]
Revenue and profit at Big Brother powerhouse Banijay were up around 5% last year but the group still has a stubbornly high debt pile, the majority of which has been deferred for several years.
Banijay owner FL Entertainment‘s full-year results showed the super-indie’s revenues to have increased by 5.7% to €3.3B ($3.6B), while adjusted EBITDA rose 4.5% to €493M in what was a tricky year for TV production. ITV Studios and ProSiebenSat.1 posted big losses earlier today.
FL Entertainment put the increases down to “proven superbrands and series renewals” along with acquisitions such as Help producer The Forge and the decision to move into new areas such as sport and live events, the latter culminating in the purchase of Balich Wonder Studio.
“In a challenging macro-economic environment, the Group content offering was particularly well adapted to serve clients’ needs, illustrating the attractiveness and proven popularity of its well-diversified and enriched portfolio,” said the FL filing. Banijay, which bought Endemol Shine for $2.2B earlier this decade, went public via an agreement with a SPAC investment group in 2022.
The SAS: Rogue Heroes and MasterChef producer’s debt pile remains stubbornly high, however, and increased above the €2B mark. The majority of that debt, around 85%, has had its maturity extended until 2028 to 2029, and the cost of net debt now totals nearly €200M for FL Entertainment.
Banijay CEO Marco Bassetti said the results are “once again testament to the ongoing strength and resilience of our group.”
“Reinforcing our competitive edge in the market and continuing to expand the business into complementary fields, through the year, we executed 14 acquisitions and investments, and broadened our capabilities in live events,” he added.
Bassetti said Banijay “maintained our client base thanks to a truly global and platform agnostic status.” He pointed to more than 70 new scripted titles launched, 200 unscripted and 115 pilots.
In 2024, FL Entertainment is once again targeting high single digit growth and was optimistic about the near-term future.
Earlier today, rivals ITV Studios and ProSiebenSat.1 posted big losses of more than $100M apiece.
[ad_2]
Source link
