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北京时间·🕒 发布 13:36:12时区推断·⟳ 抓取 13:36:38·⚡ 决策 07-29 13:37:27 +49s·90.2 天前
Banijay 否认收购 Lionsgate Studios，称优先降杠杆和整合并购资产
Banijay 明确否认正在推进 Lionsgate Studios 收购，削弱 Lionsgate 的潜在并购溢价。
📄 原文Reuters↗ 原文
French entertainment group Banijay (BNJ.AS) on Wednesday ruled out a takeover of Lionsgate Studios (LION.N), saying it…
不做 Lionsgate Studios（LION.US）
事件方向偏空但只是否认一个潜在买方，且未核实实时价格和 Futu 可借券，不能满足做空红线，不做。
不做 Banijay Group（BNJ.NL）
降杠杆和业绩增长是经营确认，缺少相对市值可量化的短线 surprise；同时非核心可执行市场标的，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-29 · 扩散 medium · price-in 风险 medium ↗
关键理由
- Banijay 明确否认正在推进 Lionsgate Studios 收购，削弱 Lionsgate 的潜在并购溢价。
- Banijay 同时披露上半年收入和调整后 EBITDA 双位数增长，并重申 2026 年目标，但核心增量是经营确认而非短线交易催化。
- Banijay 净杠杆仍为 3.6 倍 EBITDA，管理层口径显示当前财务约束不支持大型并购。
主要风险
- Lionsgate 的利空只来自一个潜在买方退出，仍可能存在其他战略买方或资本运作预期。
- 未核实 LION.US 实时价格和可借券状态，不能把并购预期降温直接转成可执行做空。
原文全文
展开原文 · 1,896 字
French entertainment group Banijay (BNJ.AS) on Wednesday ruled out a takeover of Lionsgate Studios (LION.N), saying it was focused on integrating recent acquisitions and reducing debt.
The denial follows a Reuters report this month that Banijay had been among parties considering a bid for Lionsgate. The group's debt has risen sharply to more than 5 billion euros after a series of acquisitions.
Chief Executive Francois Riahi dismissed the speculation, telling reporters: "We are not on a shopping spree."
"There is no project in that area," he said, adding that Banijay's financial position would not support a takeover of a company trading at about 20 times earnings.
Riahi said the company was prioritising the integration of recent acquisitions.
The group's balance sheet remained sound and would improve as cash generation increased, Riahi said.
Banijay's net leverage stood at 3.6 times earnings before interest, taxes, depreciation and amortisation (EBITDA) after the All3Media transaction and is expected to fall to 3.4 times by year-end. The company aims to reduce leverage to around two times over the medium term.
Banijay reported first-half revenue of 2.58 billion euros ($2.94 billion), up 16.9% on a reported basis, while adjusted EBITDA rose 18.5% to 502.9 million euros.
The company's betting and gaming division remained the main growth driver, with revenue rising 10.5% on a pro forma basis, supported by a 22% increase in active players.
Riahi said the FIFA World Cup had generated record customer acquisition and betting activity, although highly predictable results favoured bettors and hurt margins.
The group reiterated its 2026 targets and said it entered the second half with confidence, expecting continued World Cup-related betting activity, a busier production slate and initial merger synergies to support growth.
($1 = 0.8770 euros)
The denial follows a Reuters report this month that Banijay had been among parties considering a bid for Lionsgate. The group's debt has risen sharply to more than 5 billion euros after a series of acquisitions.
Chief Executive Francois Riahi dismissed the speculation, telling reporters: "We are not on a shopping spree."
"There is no project in that area," he said, adding that Banijay's financial position would not support a takeover of a company trading at about 20 times earnings.
Riahi said the company was prioritising the integration of recent acquisitions.
The group's balance sheet remained sound and would improve as cash generation increased, Riahi said.
Banijay's net leverage stood at 3.6 times earnings before interest, taxes, depreciation and amortisation (EBITDA) after the All3Media transaction and is expected to fall to 3.4 times by year-end. The company aims to reduce leverage to around two times over the medium term.
Banijay reported first-half revenue of 2.58 billion euros ($2.94 billion), up 16.9% on a reported basis, while adjusted EBITDA rose 18.5% to 502.9 million euros.
The company's betting and gaming division remained the main growth driver, with revenue rising 10.5% on a pro forma basis, supported by a 22% increase in active players.
Riahi said the FIFA World Cup had generated record customer acquisition and betting activity, although highly predictable results favoured bettors and hurt margins.
The group reiterated its 2026 targets and said it entered the second half with confidence, expecting continued World Cup-related betting activity, a busier production slate and initial merger synergies to support growth.
($1 = 0.8770 euros)
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