MasterChef, The Traitors and the New Show Portfolios: How Grouping Franchises Changes Licensing Deals

Hook: Your formats are losing value if you sell them one at a time

Content creators, format owners and local producers tell us the same pain: negotiating dozens of one-off deals for the same show is slow, leaves money on the table and creates fragmented marketing and data flows. In 2026, the rise of consolidated portfolios — where heavyweight formats like MasterChef and The Traitors sit inside the same corporate grouping — rewrites how licensing works. If you are still treating each format sale as a single-line transaction, you are missing the bundling economy that buyers and streamers now prefer.

Topline: Why grouping franchises matters now

The international market in late 2025 and early 2026 accelerated one clear trend: consolidation. Merger talks between large format owners (notably the Banijay & All3Media discussions reported in January 2026) have made format portfolios a negotiating asset. When distributors and streamers buy access to a bundled library that includes both high-profile global franchises and modular local formats, they get flexibility over scheduling, cross-promotion and global licensing windows — and they are willing to pay a premium for that flexibility. For format creators and local producers, bundling creates new revenue models, but also new negotiation complexities.

Why buyers like bundles

• Economies of scale: One contract, multiple shows reduces transaction costs and legal friction.
• Cross-promotional value: Owning adjacent formats creates marketing synergies and subscriber retention benefits for platforms.
• Data leverage: Bundles produce richer cross-format viewing data and better targeting for advertising and FAST channels.
• Windowing control: Bundles let buyers optimize linear, streaming and social windows across titles.

How bundling changes licensing models — the new options

Bundling is not a single product. It creates an array of licensing models that format owners must master. Below are the dominant models emerging in 2026 and what they mean for revenue and control.

1. Portfolio License (Subscription-style access)

Structure: The licensee pays a single fee (annual or multi-year) for access to a portfolio of formats for a portfolio of territories or global use. Individual format exploitation is governed by an internal rights schedule.

Pros: Predictable revenue, simplified renewals, stronger bargaining position with platforms who want breadth.

Cons: Potentially lower per-format fees; requires strong governance on exploitation rights and performance tracking — use modular workflows to keep schedules and allocations auditable.

Actionable tip: Include a performance allocation clause to reassign royalties if a format under the portfolio significantly outperforms or underperforms expectations.

2. Tiered Bundles (A/B/C catalog pricing)

Structure: Formats are grouped into tiers — hit franchises (Tier A), dependable sellers (Tier B), and niche/local formats (Tier C). Licensees choose tier(s) with corresponding minimum guarantees and royalty structures.

Pros: Captures premium for marquee brands while enabling scale sales of smaller formats.

Cons: Requires accurate valuation of formats and clear rules for promotions across tiers.

Actionable tip: Negotiate escalating royalties in tiers — e.g., Tier A receives upfront MG + 5–8% net distribution revenue; Tier B 3–5%; Tier C 1–3% — adjust to market and counsel advice.

3. Roll-up Deals (Buy-to-own or Master License)

Structure: A single buyer acquires long-term exploitation rights to a group of formats (often exclusivity for a term) with the option to renew or acquire additional titles at pre-agreed terms.

Pros: Large immediate payout and long-term partnership potential.

Cons: Lock-in risk — you may forfeit upside if a format explodes post-sale.

Actionable tip: Insist on a reversion or buy-back clause triggered by deviation from performance KPIs or failure to launch within defined windows.

4. Revenue-Pool Royalties (Collective reporting)

Structure: Licensee pools revenues generated by the bundle and distributes royalties among format licensors per an agreed formula (e.g., weighted by viewing share, advertising revenue, or episodes produced).

Pros: Aligns incentives across formats and reduces disputes about attribution.

Cons: Requires robust, auditable data sharing and definitions for 'net revenue'.

Actionable tip: Define the pool components explicitly (advertising, subscriptions, sponsorships, FAST ad revenue) and secure audit rights with quarterly reconciliations. Consider how hybrid clip architectures and short-form repurposing feed into pool weights.

Real-world drivers: 2025–26 developments shaping bundled deals

Three market forces pushed bundling to the front of commercial strategy in late 2025 and early 2026:

• Consolidation of format owners: Major M&A discussions (e.g., Banijay & All3Media talks in early 2026) increased the bargaining power of portfolio holders.
• Platform demand for integrated catalogs: Streamers and FAST players prioritize catalogue depth to reduce churn and populate 24/7 channels with recognizable brands — see analysis of edge delivery and platform stacks in recent industry reporting.
• Data-driven valuation: Platforms increasingly price rights by predicted lifetime value based on cross-format viewing data and social engagement metrics; make sure your contract includes clear metrics for how that data is measured and shared.

Case study snapshot: Franchise clustering

When two flagship formats are grouped under the same corporate umbrella, licensing conversations change. Consider a hypothetical portfolio containing MasterChef (a global cooking brand) and The Traitors (a social-strategy franchise). A buyer that can program both can plan seasonal blocks — cooking entertainment paired with social strategy titles — maximizing donor ad bundles and keeping viewers within the platform longer. That programming strategy justifies a higher combined fee than separate purchases.

Bundled rights sell control and predictability, two things platforms will pay up for in a volatile subscription market.

What format creators and local producers must negotiate differently

Bundling amps complexity in seven contract areas. Get these right to protect upside and maintain local creative control.

1. Territory carve-outs and exclusivity windows

Don’t accept blanket global exclusivity without clear exceptions. Secure carve-outs for specific territories or platforms where you have existing distribution partnerships or where local producers need the freedom to exploit adjacent rights (e.g., radio or live events).

2. Minimum guarantees vs. performance payments

Bundled deals often balance a lower per-format MG with higher aggregate guarantees. Ask for a minimum guarantee per format within the bundle or a floor for the portfolio — whichever ensures your cashflow needs.

3. Royalty formulas and revenue definitions

Define net revenue precisely. Does it include ad revenue from FAST channels, branded content, merchandising, platform sponsorships, or only subscription fees? Include clear deductions and a cap on allowable expenses. Also consider where your physical and digital catalogues are hosted — see storage strategies for creator-led commerce when you negotiate merchandising splits.

4. Performance reallocation

Use clauses that redistribute royalties if viewing or revenue share between formats is materially different from projections. For example, if Format A drives 70% of bundle revenue but was allocated only 30% in the model, implement an automatic recalibration at the next reconciliation date. Tie reallocation triggers to auditable metrics and observability patterns described in observability playbooks.

5. Data and reporting rights

Insist on standardized, frequent reporting (monthly/quarterly) and data access to verify performance. Specify formats (SVOD hours, AVOD CPMs, ad impressions), measurement providers, and audit procedures. For subtitling, short-form adaptation and localization workflows, reference modern transcription and localization standards such as those in omnichannel transcription workflows and community-driven subtitle models like Telegram localization workflows.

6. Local production control and creative specs

When bundles include international formats, protect the ability of local producers to adapt creative elements. Set minimum production standards and a clear approval workflow that does not unreasonably delay shoots.

7. IP extensions and merchandising

Bundled deals should separate format licensing from ancillary monetization like merchandise, formats spin-offs, and live events. If the buyer wants first refusal, limit that right to a short window and demand market-rate compensation or cap the exclusivity term.

Practical playbook: 9 steps to negotiate a bundle in 2026

1. Map your portfolio: List flagship formats, local adapters and micro-formats — assign tiers (A/B/C) and baseline valuations.
2. Set your walk-away terms: Minimum aggregate MG, acceptable royalty floors and data access needs.
3. Design reallocation triggers: Define KPIs (viewing share, ad revenue thresholds) that trigger royalty re-splits.
4. Require portfolio ROI reporting: Quarterly dashboards and an annual independent audit.
5. Negotiate carve-outs: Territory, platform, and merchandising carve-outs that preserve future value.
6. Include reversion clauses: If the licensee fails to launch or underperforms, allow rights to revert or permits sale to third-party buyers.
7. Protect creative control: Approval windows and a clear escalation path for disputes.
8. Plan for spin-offs: Pre-define rules for short-form and social-first adaptations that can expand reach and revenue; short-form discovery and repurposing are well-covered in recent work on hybrid clip architectures.
9. Use staged exclusivity: Offer initial exclusivity for a premium followed by non-exclusive windows to maximize long-tail licensing.

Financial structuring: Examples and benchmarks

Benchmarks vary by market and format quality, but practical examples help anchor negotiations.

Example structures (illustrative):

• Tiered bundle: Upfront MG of $2M for Tier A titles + 5% royalty on net distribution revenue; Tier B MG $500k + 3% royalty; Tier C revenue sharing 1–2% after recoupment.
• Portfolio subscription: Annual license fee $1.5M for regional access to 8 formats, with a profit-share pool distributing 60% of surplus to format owners according to viewing weights.
• Roll-up with reversion: Large upfront buyout $10M plus 2% lifetime back-end to creators and rights reversion if buyer does not commission local versions within 18 months.

Actionable tip: Treat numeric examples as negotiation anchors, not final offers. Always build in escalation clauses tied to measurable outcomes and to how platforms implement open middleware and catalogue delivery standards.

Risk management: What to watch out for

• Hidden deductions: Watch how the buyer defines 'costs' deducted before calculating royalties.
• Data opacity: Without granular reporting, a revenue pool can mask underpayment.
• Creative dilution: Bundles can pressure smaller formats to conform to the buyer’s programming ethos.
• Concentration risk: Over-reliance on one portfolio buyer reduces bargaining power; diversify buyers post-rollout.

Opportunities for local producers

Local producers can win in a bundling world by positioning themselves as indispensable adaptation partners. Here’s how to translate the trend into growth:

• Offer localization kits: Standardized bibles, casting lists and production templates that speed launches and reduce buyer risk. Pair these with standardized subtitle and transcription playbooks like those in omnichannel transcription workflows and community subtitle tooling.
• Bundle local rights: Negotiate packages that include linear, streaming and FAST exploitation with clearly priced add-ons for sponsorship and merchandising.
• Pursue co-production credits: Co-production status inside a portfolio can increase upside through backend participation.
• Become the data hub: Provide independent measurement and social analytics to strengthen your negotiating position. Consider using microdocumentaries and micro-events to boost discovery and measurable engagement as described in data-informed marketing playbooks.

Predictions: How bundling will evolve across 2026

Expect these shifts to accelerate in 2026:

• Dynamic pricing: Buyers will use real-time performance signals to reprice bundles mid-term; licensors will demand protective floors and renegotiation triggers.
• AI-assisted localization: Automated editing and subtitling will reduce localization costs, making smaller formats attractive bundle filler — see practical methods in transcription and localization playbooks.
• Short-form and social-first inclusions: Bundles will increasingly include rights for TikTok-length spin-offs and short-run digital series to enhance discovery — repurposing approaches are outlined in hybrid clip architectures.
• Cross-rights monetization: Licensing packages that combine broadcast, streaming, FAST, podcasts, merchandise and live touring around a franchise will become standard.

Checklist: What to have before you sign a bundle

• Complete rights inventory (who owns what, and for which territories).
• Baseline valuation and tier assignment for every format.
• Drafted clauses for data access, audits and dispute resolution.
• Clear MG and royalty mechanics with example calculations.
• Reversion and buy-back terms in writing.
• Plan for post-deal promotion and measurement.

Final advice for format creators and producers

Bundling is not a threat — it is a new commercial toolkit. The brands with the most negotiating leverage in 2026 will be those that can demonstrate consistent cross-format performance, provide rapid localization and demand transparent data. Treat bundles as strategic partnerships: seek revenue predictability but protect upside with performance reallocations, reversion rights and clear data governance. For practical contract templates and workflow ideas, see modular publishing approaches at modular publishing workflows.

Takeaways — what to do this quarter

• Audit your catalog and tier formats by commercial potential.
• Build a standard bundle contract template with data and audit clauses.
• Negotiate short initial exclusivity windows, then open up non-exclusive options to maximize revenue streams.
• Invest in localization kits and measurement capabilities — they are bargaining chips. Consider community subtitle tooling like Telegram-driven localization workflows.
• Seek legal counsel experienced in portfolio and media-rights deals before signing long-term master licenses.

Closing: Act now or risk losing leverage

Consolidation and portfolio bundling — illustrated by the high-profile corporate moves of early 2026 — are changing the economics of format TV. For creators and local producers, the choice is simple: adapt your licensing playbook to bundle-era realities and you will unlock larger, steadier income streams; resist change and you risk commoditization of your IP. Start by mapping your catalog, demanding transparent data, and negotiating reversion and performance clauses that protect future upside.

Call to action: Need a bundle-ready contract checklist or a portfolio valuation primer tailored to your formats? Download our free negotiation playbook or contact our licensing desk for a 30-minute consultation to optimize your 2026 deals.

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