V I D E O • A G E AP R I L 2 0 1 0 28 The world first heard of Banijay and its founder Stéphane Courbit at MIP 2008. Prior to that, Courbit was a well-known figure only in the French TV industry as head of and shareholder in Endemol France. Before Spain’s Telefonica sold its control of the whole Endemol Group to Italy’s Mediaset in 2007, Courbit’s interest in Endemol France was bought out by Telefonica for a reported $600 million. According to some press accounts, there was some feuding between Courbit and Telefonica due to Courbit’s large uncapped earnout. Endemol France had been run as a separate entity and, reportedly, accounted for 25 percent of the entire Endemol Group’s value. Courbit is now further strengthening his grip on France’s TV industry with the acquisition of 70 percent of France Télévisions Publicité (FTP), after French media group Lagardere dropped out of a hotly contested bidding war. FTP is the advertising arm of the state’s France television group (which includes France 2, France 3, France 4 and France 5, plus a number of specialized channels), which last year reported revenues of 400 million euro (U.S.$582 million). The idea for Banijay was born in 2007, when Courbit, along with French luxury goods magnate Bernard Arnault and Italy’s De Agostini Group failed in their bid for the Endemol Group. But, according to the U.K.’s Sunday Times, Courbit still lacked some of the financing for Banijay Entertainment as late as March 2008, which indicated some start-up difficulties. The 45 year-old Courbit entered the television business in 1990 and, in 1994 founded Arthur Stephane Production (ASP), which was acquired by Endemol in 1998. The company was first known as ASP Endemol and, later Endemol France. Courbit served as its president. Under his guidance, Endemol France signed a five-year $115 million contract with TF1, which stipulated that, if Courbit was to leave the company for any reasons before the contract’s expiration, the deal would automatically be terminated. Today, Courbit is involved in several businesses in the energy, entertainment and gaming sectors, all of which are controlled through his Financiere LOV, which has a 32.3 percent share in Banijay Entertainment. The remaining 67.7 percent is held by a group of investors, including French billionaire Bernard Arnault, Italy’s De Agostini Group and the Agnelli Family, through its financial group EXOR. Each holds 17.2 percent of the company for an investment of $57 million each, and Paris-based AMS Industries, which holds the remaining 16.1 percent share. According to French financial paper Les Echos, LOV invested $162 million into Banijay, while the other partners contributed $220 million. Reportedly, Courbit’s talent for making money is surpassed only by his ability to befriend top-level international executives and politicians. His friends are said to include John Elkann (head of the Agnelli family), Lorenzo Pellicioli (of De Agostini Group), Vincent Bolloré (of the Havas Communications Group) and French president Nicolas Sarkozy, in addition to the aforementioned Arnault. One of Courbit’s mentors, public relations guru, Anne Meaux — who began her career as press secretary for French president Valery Giscard d’Estaing — is now handling Banijay’s and Financiere LOV’s communications through her Paris-based agency Image Sept. Banijay’s original business plan reportedly called for expanding into 15 countries through acquisitions. Currently, Banijay operates in 10 countries, including Spain, Germany and the U.K., but some observers consider its plans to be too idealistic. First, most of the territories into which it’s expanding are small markets, with the exception of the U.K., where it will be difficult to do business, due to the strong presence of FremantleMedia and Endemol, both of which are headquartered in London. In terms of library material acquired, it certainly won’t be providing a good cash return. In addition to France (its home base), Spain could represent a good market, if only through the De Agostini Group, which controls TV network Antena 3. But, it’s doubtful that De Agostini would favor Banijay over its own TV group, Zodiak. It is similarly unlikely that the other Spanish TV networks, Telecinco and Cuatro, would favor Banijay over Endemol, which is part of the same group (see story on page 24). In Spain, Banijay controls 51 percent of Cuarzo Producciones, which was acquired shortly after Banijay sold Spanish light entertainment company El Terrat back to its owners a scant three months after buying it, reportedly due to a difference of opinions regarding production strategies. Similarly, Banijay could have some difficulties in Italy due to Mediaset’s control of Endemol. France’s New TV Powerhouse with Powerful Friends B a n i j a y V i e w (Continued on Page 30) Banijay CEO, Guillaume De Verges Stéphane Courbit, founder of Banijay
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