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Korean Studio Purchases Production Company from CAA

With its eyes on the global market, JTBC Studios, the production arm of the Korean cable network JTBC, has purchased a majority share in Wiip, the US-based production company affiliated with Creative Artists Agency (CAA). 

Wiip is known for several acclaimed series, including Dickinson on Apple+ and the currently airing HBO show Mare of Easttown with Kate Winslet. Set up in 2018, it was a production arm for CAA that was responsible for bringing several packages to the screen. 

Following a recent deal with the Writers Guild of America (WGA), CAA, along with other top Hollywood agencies, agreed to divest their interests in production entities, which led to the agency seeking a buyer for their majority stake in Wiip.

JTBC is one of the top cable networks in Korea, famous for its news broadcasting, which lit the spark of the Candlelight protests, and for its high-quality TV series, such as The World of the Married, Itaewon Class, and the recent award-winning series Beyond Evil. The cable network also has a distribution deal with Netflix, through which many of its primetime series are made available internationally. The company is planning to expand to Japan and Southeast Asia in the near future.

Paul Lee, CEO of Wiip, said, “We couldn’t be more thrilled to see our partners at JTBC Studios recognize 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.”

Kim Sikyoo, CEO of JTBC Studios, added, “The US market is the heartland of the content business. 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 that this partnership between outstanding creative talents at JTBC Studios and Wiip will deliver an unprecedented experience for a global audience.”