Banijay Entertainment has named Cathy Payne to lead its combined global distribution business following the completion of its $8 billion merger with All3Media, while All3Media International CEO Louise Pedersen is stepping down.
Payne, who currently serves as CEO of Banijay Rights, will remain in the role as the company combines Banijay Rights and All3Media International under the Banijay Rights banner.
Pedersen, a well-respected executive, said she was proud of what she achieved during her tenure and added that it felt “like a good time to think about the next challenge.”
The announcement comes a day after Banijay and RedBird IMI officially completed their blockbuster merger, creating what chair Jeff Zucker described in an interview with Variety on Thursday, shortly after the deal closed, as “the largest independent production company in the world.”
The London-headquartered Banijay Entertainment brings together Banijay’s stable of hit formats and scripted titles, including “Big Brother,” “MasterChef,” “Peaky Blinders” and “Black Mirror,” with All3Media’s portfolio, including “The Traitors,” “Undercover Boss” and “Gogglebox.” Marco Bassetti is leading the combined company as CEO, with Zucker serving as chair and former All3Media CEO Jane Turton becoming deputy CEO. The All3Media corporate name is also being retired.
Payne said the merger would unite two complementary businesses with deep expertise in premium content and global rights exploitation.
“All3Media International has long been a beacon for brilliant formats, scripted titles, and premium English-language content that delivers for linear, streamers and new platforms and I look forward to bridging these worlds to bring our clients a first-class entertainment offering across all genres,” Payne said.
“While the IP of course sits at the heart of the combination, for me it’s also about the people. In All3Media International and Banijay Rights, we have an exceptional breadth of talent and uniting them will deliver us quite possibly the strongest team in our space,” Payne continued.
Turton said Payne was ideally positioned to oversee one of the merger’s most significant integration efforts.
“I very much look forward to working with Cathy as she brings the All3Media International and Banijay Rights businesses together,” Turton said, adding that “Cathy is a hugely experienced and respected strategic leader in the world of rights exploitation and it is an exciting time to be combining these two market leading companies and catalogues.”
Paying tribute to Pedersen, Turton said “Working with Louise has been a genuine pleasure. She has been a trusted colleague for many years and has led All3Media International with great creative and commercial judgement. Louise’s knowledge and expertise is immense – as is her passion for television.”
Bassetti told Variety on Thursday that the combined company would spend the coming months “digesting” the merger while targeting approximately $60 million in synergies, largely through property, administrative and support functions rather than its network of roughly 170 production companies. He also identified distribution as one of Banijay Entertainment’s principal strategic growth areas, alongside live entertainment, digital and sports.
Bassetti argued the rejigged distribution operation would benefit both Banijay’s own producers and third-party partners by giving them greater international reach.
“For the small producers, our distribution arm will be an opportunity to monetize and to create more value for them. There is space for them if they want to come to us and let us distribute their stuff,” he said.
The leadership changes represent one of the first major executive decisions following the merger’s completion. Zucker told Variety the company’s immediate priority would be integrating the two businesses before considering additional acquisitions, while Bassetti said Banijay Entertainment intends to reinvest merger savings into developing new intellectual property and attracting top creative talent.