After speculation of the sale circulated last week, Endemol Shine Group has announced its acquisition by Banijay Group.

The definitive agreement to acquire 100 percent of the equity of Endemol Shine sees Banijay taking over 120 production labels and the rights to more than 100,000 hours of programming.

“Endemol Shine brings an incredible array of industry-leading talent, globally-renowned brands and high-quality creative content,” says Marco Massetti, chief executive officer, Banijay. “Combining the resources of these two companies will instantly strengthen our position in the global market, and our capabilities across genres will further define us as a go-to provider of first-class IP worldwide. Welcoming the Endemol Shine brands and talents to our existing business will signal enhanced opportunities in the marketplace, and we are all excited by what the future holds for the combined entity.”

Pending regulatory closing requirements, the deal will position Banijay Group as one of the leading production brands with more than 200 companies in 23 territories under its umbrella. The total pro-forma revenue of the combined group is expected to be approximately €3 billion for the year. The acquisition itself was financed by a capital increase and committed debt financing.

“At Endemol Shine, we have continually inspired and entertained audiences around the world, a testament to every single person across the Group,” says Sophie Turner Laing, chief executive officer, Endemol Shine Group. “This deal takes us into a whole new and exciting chapter and into a new enhanced global content house with many opportunities ahead.”

With a new streaming war ahead, Banijay Group is prepping its portfolio – which includes titles such as “Black Mirror,” “Versailles,” “The Millennium Trilogy,” “Peaky Blinders,” “Big Brother,” “MasterChef,” “Survivor,” “Temptation Island,” “Wife Swap” and “The Island” – to nurture and create content, as well as drive new intellectual property.