JTBC studio and wiip logo
[Maeil Economic Daily Star Today reporter Jin Hyang-hee]
JTBC Studio will acquire Wiip, a U.S. content producer, and increase its global competitiveness significantly. It has a special meaning in that it is entering the U.S. market in earnest with high entry barriers.
JTBC Studio signed an agreement on May 31 to acquire Wiip, an American premium content producer. After continuing to review its entry into the U.S. market to secure a global demand base and prepare a stable profit model, it has been making close exchanges with Wiip since the first half of last year. The largest U.S. artist agency CAA (Creative Artists Agency), which was originally a major shareholder of Wiip, remains a shareholder of Wiip after the acquisition agreement.
Wiip, acquired by JTBC Studio, is a content production company founded in 2018 by former ABC Network/Studio President Paul Lee. Wiip CEO has a reputation in the U.S. market as a producer who has produced a number of hits and has led ABC Network to become one of the top broadcasting brands in the U.S. Prior to Wiip’s establishment, he was president of ABC Network, ABC Studio, and president of ABC Family.
Wiip is producing a high-quality hit based on an excellent group of creators. Dickinson, released earlier on Apple TV+, won the Peabody Award, dubbed the Pulitzer Prize in the broadcasting industry, for scoring 95 percent of Rotten Tomatoes.
“Mare of Easttown,” starring Kate Winslet, has garnered 1 million views since its release on HBO Max in April this year, ranking second in history since the launch of HBO Max.
In addition, Danny Boyle’s “Pistol,” a biography of the legendary British rock band Sex Spistols, and Woody Harrelson’s “The White House Plumbers,” will be produced and released. In addition, Wiip plans to provide content to various platforms such as Netflix and Amazon based on a rich industry network, and is currently working on more than 100 planning and development projects.
The contract also raises expectations for the synergy effect that JTBC Studio and Wiip will create. Not only will JTBC Studio strengthen its position as a global studio by using Wiip as an outpost in the U.S. market, but Wiip is also expected to increase its influence in the Asian market through JTBC Studio.
To this end, exchanges between the two companies will take place in various fields, including IP remakes, co-production and distribution expansion, and even exchanges between creators from the two countries are expected to be active. It is also predicted that new plans that utilize Wiip’s production capabilities and network will be developed.
JTBC Studio plans to expand its scope of global studios to Japan and Southeast Asia in the future based on its full-fledged entry into the U.S. market.
Kim Si-kyu, CEO of JTBC Studio, said, “The U.S. is a key area where competition for global content production and securing is the most intense.” “The contract is meaningful just because there is a route for JTBC Studio to enter,” he said. “I believe Wiip’s excellent creative capabilities and JTBC Studio will meet and bring significant results in the near future.”
“We are very happy that JTBC Studio highly appreciated Wiip’s excellent creative ability and made a big investment,” said CEO Paul Wiip. “We hope that we will be able to carry out more businesses together not only in the U.S. and Korea but also around the world and attract the best talent at the same time.”
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