Korea’s JTBC buys Mare of Easttown firm

Mare of Easttown stars Kate Winslet as Mare Sheehan

The production arm of South Korean pay TV broadcaster JTBC has acquired Wiip, the US indie that was set up by former ABC chief Paul Lee and is behind HBO and Sky drama hit Mare of Easttown.

Wiip, which is also behind Apple TV+ drama series Dickinson, was previously owned by agency CAA and private equity firm Atwater Capital.

CAA will move to a minority holding in the company, allowing Atwater to exit as part of the JTBC deal, financial details of which were not disclosed.

The move from CAA follows last year’s prolonged dispute between US talent agents and the Writer’s Guild of America over packaging fees and conflict of interest, the resolution of which involved agencies agreeing to divest their production arms. CAA has agreed to a 20% ownership cap of Wiip, which will be held in a blind trust.

Lee will continue to oversee the firm he founded in 2018. Starring Kate Winslet and Guy Pearce, Mare of Easttown concluded a critic-pleasing run in the US on Sunday evening.

Lee said: “We couldn’t be more thrilled to see our partners at JTBC Studios recognise the tremendous creativity coming out of Wiip and significantly increase their investment. We look forward to doing more business together in the US, Korea and the rest of the world to attract the highest level of talent together.”

Si Kyoo Kim, CEO of JTBC Studios, added: “We expect this partnership to bring a significant opportunity for JTBC Studios to make our first step into this dynamic market, for which we have yearned for a long time. We believe this partnership between outstanding creative talents at JTBC Studios and Wiip will deliver an unprecedented experience for a global audience.”