The next big shake-up in global production might just be around the corner. French TV giant Banijay Group — never one to shy away from a blockbuster deal — has entered early talks to buy either all of ITV or just its prized possession, ITV Studios.

For those keeping score, Banijay has been one of the most aggressive consolidators in the entertainment world, scooping up Endemol Shine Group back in 2020 for a cool $2.2 billion, and before that merging Banijay Entertainment and Zodiak Media Group in 2015. Now, it’s setting its sights on ITV, the U.K.’s flagship broadcaster and the production company behind megahits like Love Island, Fool Me Once, and BAFTA nominee Mr Bates Vs the Post Office.

The Financial Times reports that talks are still in early stages, but if Banijay does move forward with a full takeover, they would likely need to bring in third-party investors to seal the deal. No surprise there — ITV’s market cap has been hovering around $4 billion, largely driven by the value of its studios business. In fact, ITV Studios alone might be worth nearly as much as the entire ITV network — a not-so-subtle sign of how drastically the industry’s center of gravity has shifted from broadcasters to content creators.

Banijay, home to hits like Peaky Blinders, Big Brother and Master Chef  has made no secret that it’s hungry for more scale — and ITV Studios would deliver it in spades. ITV Studios runs centralized production hubs and owns a massive portfolio of scripted and unscripted companies across the U.K., the U.S., and 12 other countries. In America alone, ITV America ranks among the top suppliers of unscripted TV.

Meanwhile, other suitors have circled ITV in recent months. RedBird IMI (the Abu Dhabi-backed group led by Jeff Zucker) was reportedly in discussions to combine ITV Studios with All3Media, but that deal has yet to materialize. Also lurking are France’s TF1 Group and CVC Capital Partners, further evidence that the world’s biggest content factories are suddenly very, very hot properties.

Both Banijay and ITV have declined to comment publicly so far — but in an industry where mega-mergers are quickly becoming the norm, don’t expect the silence to last long.

One thing is clear: As the battle for global content supremacy intensifies, the next chapter could be written in London, Paris…or maybe both.