Television production companies All3Media and Banijay have announced plans to merge in a deal that would create one of the world's largest independent entertainment companies.

The merger brings together two major players in the global television industry. All3Media is known for producing popular series including "Peaky Blinders," while Banijay's portfolio includes reality television formats such as "Big Brother," "MasterChef," and "The Traitors."

Reports differ on the exact valuation of the combined entity, with estimates ranging from $5 billion to $8 billion. The discrepancy appears to reflect different methodologies for calculating the deal's total value.

The merger aims to consolidate the companies' extensive catalogs of television content and production capabilities under a single organization. Both companies have built significant international footprints through their various television formats and series.

The deal represents continued consolidation in the entertainment industry as production companies seek to achieve greater scale and compete with streaming platforms and larger media conglomerates. The combined company would have access to a broad range of television formats spanning reality television, drama series, and other entertainment programming.

Details regarding regulatory approval timelines and the specific structure of the merger have not been disclosed.