French media group Banijay (BNJ) has agreed to acquire a majority stake in betting firm Tipico from private equity firm CVC, creating one of Europe’s largest online gaming operators.

• Enterprise value: €4.6 billion ($5.4 billion).
• New entity: Tipico will be combined with Banijay-owned Betclic under Banijay Gaming, serving 6.5 million players and operating over 1,250 betting shops.
• Ownership structure: Banijay will initially hold 65%, with plans to raise to 72% via call options; CVC retains a minority stake.
• Financing: Backed by €3 billion in funding.
• Timeline: Transaction expected to close in mid-2026.

Banijay, whose shareholders include the Arnault family and Vivendi, has been expanding beyond television into gaming. Its media portfolio includes TV shows like The Big Brother and sci-fi series Black Mirror.