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‘Dickinson,’ ‘Mare of Easttown’ Producer Wiip Acquired by South Korea’s JTBC Studios Variety 2 hrs ago
Wiip, the independent studio behind recent HBO hit “Mare of Easttown” and Apple TV Plus’ breakout “Dickinson,” has been acquired by South Korean TV drama production firm JTBC Studios.
JTBC Studios will take a majority ownership in wiip, while CAA, which had previously been the majority owner of the company, will now move to a minority stake. Exiting the partnership is private equity firm Atwater Capital, which is selling its stake as part of the deal.
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The deal comes following the talent guilds agreed to sell their production arms as part of a deal with the Writers Guild of America to end their long standoff. As part of the CAA-WGA negotiation, CAA agreed to transfer its ownership to a blind trust. Under the side letter agreement, the trust was required to divest the stake to conform to a 20% ownership cap.
CAA to sell majority stake in production firm to South Korea s JTBC Studios Co. Wendy Lee, Anousha Sakoui © Provided by The LA Times Hailee Steinfeld in Dickinson, one of the series that production company wiip worked on. South Korea s JTBC Studios says it will acquire a majority stake in wiip. (Courtesy of Apple)
Creative Artists Agency said Tuesday it will sell a majority stake in production company Wiip to a South Korean studio.
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The Century City talent agency did not disclose the financial terms of the deal, which limits CAA s involvement in production.
The company divested most of its shares in Wiip to settle a long-running dispute with the Writers Guild of America, a union that expressed conflict of interest concerns with CAA representing clients while running a production company that buys their clients projects. CAA will remain a minority shareholder in Wiip.