Global TV giant Banijay and European online sports betting heavyweight Betclic floated on the Amsterdam Stock Exchange with a rising stock on Friday under the name of FL Entertainment, a group led by the French tycoon. ‘audio-visual Stephane Courbit.
It is a new big blow to the assets of the businessman who in fifteen years has made Banijay the world number one in the independent production of audiovisual programs, with more than 120 companies established in 22 countries, at the origin of many successful shows and series such as Koh-Lanta, Peaky Blinders, Black Mirror or MasterChef.
This nugget of entertainment and Betclic, another success in online sports betting, now cohabit in the entity FL Entertainment, whose stock market value is estimated at 4.1 billion euros, well beyond those of the TF1 groups. and M6 together, which plan to merge to form another European TV behemoth.
The title FL Entertainment appreciated by 4.53% to 11.5 euros shortly following its start of listing on the Amsterdam Stock Exchange, and closed Friday at the same level, according to the site of the operator Euronext.
It replaced the Spac Pegasus Entrepreneurs, an investment vehicle listed on the Dutch market since last December and controlled by the investment company Tikehau Capital and Financière Agache, holding company of the family of Bernard Arnault, owner of the luxury empire LVMH and the press group Les Échos-Le Parisien.
Going through a spac – a structure launched to raise funds and enter a stock exchange – offers the particular advantage of a less complex procedure than a traditional stock market entry.
So far, 646 million euros have been contributed to this operation, including 250 million euros by Financière Lov, a holding company majority-owned by Stéphane Courbit, who invested in Betclic in 2007 and founded the Banijay group in 2008.
In addition to Stéphane Courbit, who remains the main shareholder of FL Entertainment with just over 46% of the capital and 72% of the voting rights, the structure counts among its shareholders Vivendi (around 19%), the Société des Bains de Mer de Monaco (10%), Fimalac (7%) and Italian publishing giant De Agostini (5%).
It is chaired by Stéphane Courbit and directed by the former banker Francois Riahi.
Global Rise
Listing FL Entertainment on the stock market simplifies its capital structure and accelerates its growth with fresh money.
«We operate in businesses where there is a consolidation” in particular in television production, where “customers are becoming global”, streaming operators as well as “traditional customers”, underlined in May Mr. Riahi, also general manager. of Financial Lov.
But “the TV production sector is fragmented,” he observed.
With only 3% market share, Banijay, with one of the largest catalogs of titles in the world outside the American giants, dominates a television market in which the top 10 in the sector represent just under 15%, recalled- he.
“This operation puts us in the capital and financial situation to have this strategic maneuverability”, he summarized.
Clearly, going public might allow Banijay, which has grown through acquisitions, to pursue this policy more easily and with more resources internationally, particularly in Asia where the group has little presence.
Especially since Betclic, which derives more than 90% of its income from its activities in Europe (France, Portugal, Italy, Poland, Germany), also intends to expand into new areas, particularly in South America and Africa. .
FL Entertainment intends to gain strength globally in the constantly growing content production markets, estimated in 2021 at around 200 billion euros, and in the sports betting market, which should represent 115 billion euros in 2027.
The group is thus targeting a turnover of 3.8 billion euros in 2022. Last year, Banijay achieved 2.8 billion in turnover and Betclic 835 million euros.
(with AFP)
