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Insight on screen TBIvision.com | December 2019/January 2020
TBI Television
Business
International
The Year Ahead
Top execs predict
how the coming
year will shape up
Page 8
The Interview
HBO Max's
programming
strategy unpicked
Page 16
pOFC TBI DecJan20.indd 1 23/12/2019 10:02
compelling, distinctive, charming… pIFC-01 All3Media TBI DecJan20.indd 2 18/12/2019 16:06
…stories that speak your language pIFC-01 All3Media TBI DecJan20.indd 3 18/12/2019 16:07
8 x 60’
Thriller dramatising the burning issues
of climate change, Arctic exploitation
and international geo-politics.
Wisting The Restaurant Hierro
10 x 45’ 8 x 60’ 8 x 60’
Homicide detective William Wisting tackles the Brand new series 3. An impassioned family A suspenseful crime thriller set on Hierro,
most challenging case of his career: a wanted saga a o t o e on i t and etra a . one of the smallest and most secluded of
American serial killer living among them. the Canary Islands.
NAPTE Booth: 304
Banijay_SCRIPTED
p02 Banijay ScriptedAD TBI_Portfolio_AW.indd
DecJan20.indd 1 1 17/12/2019 16:45
18/12/2019 11:58
Welcome | This issue
Contents TBI December 2019/January 2020
TBI Scripted
24. From Slough House with love?
Apple TV+ has turned to a familiar genre for its first European
drama, but are viewers reaching saturation point with spy stories?
28. Opening up
Innovative local scripted series and recent dramas such as Chernobyl
are raising interest in Ukraine’s rich history of storytelling.
32. Scripted Hot Picks
TBI chooses a selection of new dramas from around the world that
8
are worth taking a look at as we head into a new decade.
24 38
8. 2020 visions 38. Dialling up development
Industry experts from across the content spectrum cast their thoughts Tim Dams uncovers how growing demand for standout unscripted
over the year ahead and predict how the business will change in 2020. ideas is impacting the way producers approach development.
16. The TBI Interview: 42. Format futures
HBO Max’s Sarah Aubrey & Sandra Dewey Brazil has not been known for its unscripted formats but branded
The streamer’s originals chief and production president talk strategy. content, streamers and regulatory support could change all that.
20. Equitable thinking 45. Unscripted Hot Picks
What opportunities do private equity companies bring to producers From the impact of meat on the world’s climate to fast fashion and
and what should you know before doing business with them. the solar system, TBI picks out three shows deserving your attention.
Plus: 4 Editor’s Note • 6 Well-being • 7 Diary • 48 Last Word: Endemol Shine Boomdog’s Leo Zimbron
TBI December 2019/December 2020 3
p03 Contents TBI DecJan20 RJM.indd 3 22/12/2019 13:35
TBI December 2019/January 2020 | Welcome
Editor’s note Richard Middleton
Future gazing
W
elcome to TBI as a new decade stretches out before us, no Contact us
doubt awash with opportunities and potential and industry
changes that right now might seem barely fathomable. Editor Richard Middleton
It’s fitting then that in this edition, we explore just how richard.middleton@informa.com
rapidly the business of content is changing. We’ve got an Direct line +44 (0) 20 7017 7184
in-depth interview with two of the key execs behind HBO Max, Sarah Aubrey
and Sandra Dewey, who tell TBI exactly how the hotly anticipated WarnerMedia Contributors Stephen Arnell, Tim Dams,
streamer will look to tap into originals to bolster its offering to viewers and their Nick Edwards, Tracy Forsyth
precise requirements for programming – check out the colourful and hugely
informative scattergraph on page 18. The service might be launching only in the US Sales manager Michael Callan
in the first instance but, in this globally connected world in which we live, the result michael.callan@informa.com
is that there are an array of potential partnerships for producers and broadcasters Direct line +44 (0) 20 7017 5295
based elsewhere to benefit from, a subject that’s also touched on by Endemol Shine
Boomdog’s Leo Zimbron in our Last Word column. Art director Matthew Humberstone
The impact of streamers on development is also investigated, as unscripted matthew.humberstone@informa.com
producers look to get ahead of the curve in an increasingly competitive part of the Direct line +44 (0) 20 7017 5336
production sector, while on the drama front we dive into the reasons for Apple TV+’s
first European scripted commission and why a spy saga could be a solid bet – or a Marketing executive Abigail Dede
potential gamble. abigail.dede@informa.com
From the imminent growth of the Brazilian format market to the emergence of Direct line +44 (0) 20 7017 6018
Ukraine as a scripted hub, the central strand running throughout this issue is the
ongoing demand for high quality product. And that is exactly what private equity Editorial director Stuart Thomson
companies are looking to profit from, so as their involvement in the TV industry stuart.thomson@informa.com
grows, we take a look at what these investment outfits want out of your business Direct line +44 (0) 20 7017 5314
and pick apart how you can safely negotiate this potential avenue of opportunity.
As ever, there are risks and rewards – the vital ingredients that make this business so Commercial director Patricia Arescy
compelling. patricia.arescy@informa.com
Here’s to a fantastic 2020… Direct line +44 (0) 20 7017 5320
@TBImagazine
Published by Informa Tech, Blue Fin Building,
Television Business International (USPS 003-807) is published bi-monthly (Jan, Mar, Apr, Jun, Aug 110 Southwark Street, London SE1 0TA
and Oct) by Informa Tech, Blue Fin Building, 110 Southwark Street, London, SE1 0TA. The 2006 US Tel: +44 (0)20 7017 5000
Institutional subscription price is $255. Airfreight and mailing in the USA by Agent named Air Business, e-mail: tbi@informa.com web: www.tbivision.com
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are maintained at Informa Tech, Blue Fin Building, 110 Southwark Street, London, SE1 0TA, United © 2020 Informa UK Ltd All rights reserved
Kingdom. Air Business Ltd is acting as our mailing agent. Reproduction without permission is prohibited
4 TBI December 2019/January 2020
p04 Ed Note TBI DecJan20.indd 4 23/12/2019 09:41
60’ adventure reality
Now produced in over 40 countries, Survivor tests
the spirit of ordinary, yet extraordinary people,
marooned on an uninhabited tropical island.
PHOTOS THAT
Don’t ARTIST
to CHANGED
ICON THE WORLD
60’ game show 10 x 60’ factual 6 x 60’ factual
A new comedy physical game show for The stories behind some of the most This fascinating series takes an uncompromising
ABC Network where families can win money extraordinary rises to fame the world has ever look at the past century by examining powerful
by following one simple rule: Don’t. seen...from Madonna to Jim Carrey, Tom Hanks and defining photographs.
to Nicole Kidman.
NAPTE Booth: 304
pXX Banijay TBI DecJan19.indd 1 17/12/2019 17:16
TBI | Well-being
Well-being Tracy Forsyth
Embracing an alternative New Year’s
resolution
W
hen I was a VP in a corporate role, knowledge, some serious professional skills?
In this month’s I got some 360-degree feedback. It Whatever the assets, recognise them as something
Well-being column, was mostly extremely positive, but to be valued, not dismissed or taken for granted.
former BBC Studios one comment read: “Tracy can be Not everyone has what you already have. Imagine
exec and corporate abrupt and I find her direct style too much.” I focused each of them as a merit badge stitched on to your
wellness coach Tracy on that sentence above all others until the head of jumper or a trophy on a shelf. I bet it’s getting
Forsyth discusses an organisational development said to me: “Tracy, I think pretty crowded.
alternative approach people should spend more time focusing on what they
to New Year’s do right, rather than wrong.” Wise words indeed. 3. Qualities
resolutions. In my world as an executive coach, I constantly see
so many talented people focusing on what’s wrong It’s not just what you do, it’s how you do it. Others
and completely ignoring what’s right. Highly driven, may have had the same role as you but how do you
high achievers are often highly self-critical and nothing do it differently? Are you pro-active, tenacious? Do
short of perfection will do. They are always looking you think win-win? Can you charm the birds from
to improve themselves, get even better and drive the trees? Do you leave no detail unattended? Think
themselves to new heights. They are also brutal with about these as your super-powers, they are a unique
themselves. Sound familiar? part of you and what makes you stand out. Embrace
If so, my top tip this January is simple: instead of those qualities!
writing a long list of New Year’s resolutions of what
to do less or more of, spend that time and energy on 4. Repeat
acknowledging and owning all the fantastic qualities you
already have. If you’ve got it - and you most certainly By now you should be feeling pretty good but if that
have - it deserves to be flaunted much, much more. still hasn’t worked, get that list and stand in front of
I know this will be hard for some of you over- the mirror. Read out all of your accomplishments,
achieving perfectionists, so here are my top tips: assets and your qualities. Repeat them until it trips off
the tongue.
1. Achievements
5. Accept compliments
Acknowledge them. Make a list (on your phone so
you can keep adding to it and have it to hand) of what Finally, and this may be the hardest step – learn to
you’ve achieved in your life from large to small, they accept compliments. I think that, even taking flattery
all count. You’ll be surprised that you’ve forgotten so and exaggeration into account, for the most part
Tracy is a creative mentor many. Get a friend or colleague to help because you the compliments we give and get are genuine. So,
for the Channel 4 Indie are likely to be too modest. Take a moment to let that if someone applauds you or says you’ve done well
Growth Fund, the list sink in properly and thank yourself for achieving it. or that you are great at something then, instead of
producer of the WFTV batting it away modestly, accept it, digest it, believe
mentoring scheme and 2. Assets it and, above all, enjoy it. And the next time you
a professional executive find yourself thinking ‘I should be more…’ stop
coach. Follow her at Look at the common themes – what assets and remember the multitude of things you have to
walterwootze.com has it taken to achieve these things? Expertise, celebrate already instead. TBI
6 TBI December 2019/January 2020
p06 Wellness TBI DecJan20 RJM.indd 6 22/12/2019 13:08
TBI | Diary
About Town
Festive feelings NEM Zagreb's closing party
I
t might feel like months ago now but Christmas
markets, drinks and parties were the talk of the
town in December.
Attendees at the inaugural NEM Zagreb were
treated to some of the finest festive treats Croatia had
to offer, with the country's famed Christmas markets
providing the backdrop for a conference featuring
the likes of Sanditon’s Kris Marshall, Cardinal’s Billy
Campbell and Leonardo co-creator Frank Spotnitz.
At a bustling three-day event at the swanky
Esplanade Zagreb Hotel – originally built to house
passengers disembarking from the Orient Express – the
TV business was dissected, discussed and deliberated
upon, before delegates headed for drinks and delicacies
at the event’s all singing, all dancing Christmas show,
organised by national broadcaster HRT.
Back in London town, Christmas events were also
in full swing, with Kew Media Group among the
first to kick of the party season with their scarecrow-
themed event held at Soho icon The Groucho
Club. Celebrating the BBC adaptations of Worzel
Gummidge – The Scarecrow Of Scatterbrook and The
Green Man, both of which Kew distributes - cocktails Cardinal's Billy Campbell at NEM Zagre Kew Media's Worzel
b Gummidge party
and canapes flowed, ensuring the festive season started
in fine style.
Cross-border thinking at ATF Camped out in Swings and Roundabouts
Cannes
Partnerships were the name of the game at the Asia
TV Forum in December, where Singapore’s Mediacorp 50 HBO Max might offer
Friends and The Big
Bang Theory but 50 originals are
unveiled plans to link up with Hong Kong-based
also planned, including a recently
broadcasting and streaming outfit ViuTV on two
revealed Tracy Morgan comedy
Chinese-language titles. The first co-production is Ink
At Tai Ping, a 15-episode cross-genre murder mystery
about the exploits of an enigmatic female tattooist in
195 What does $195m
get you these days?
Sony Pictures Television decided
Hong Kong. Desmond Tan and Edwin Goh were in that was the price worth paying
for Octonauts prodco Silvergate
Singapore to mark the show’s launch.
Forget all those rumours
suggesting MIPTV could
325 Max Conze’s
ProSiebenSat.1 had
hoped to wrap up the sale of Red
move to Barcelona in the Arrow Studios before Christmas,
near future. December but the deal - valued at ~$325m -
brought news that event was postponed in December
organiser Reed Midem
had struck a deal with the 1 ITV's Love Island was a
presenter down when
Caroline Flack left the show
French town, keeping the
having been charged with assault
event - and MIPCOM - in but she was swiftly replaced a
Cannes until at least 2024 day later by Laura Whitmore
TBI December 2019/January 2020 7
p07 Diary TBI DecJan20 RJM.indd 7 22/12/2019 13:10
Preview | The Year Ahead
2020 visions
TBI gets the lowdown from execs operating across the content spectrum to find out what will be hot in the
coming year and where you should look for opportunities
Gary Davey, Chief Executive Officer at Sky Studios Nina Lederman, EVP of global
scripted development and
What does the formation of Sky Studios and its huge programming, Sony Pictures
ambitions tell us about the way the content business
changed in 2019? What most surprised you about
I think the ambition, scale and energy of Sky Studios tells us that the content business is in the global drama business in 2019?
rude health and nowhere more so than here in Europe. Two of the biggest, most important I’ve been surprised that packaging TV
shows of 2019 – Chernobyl and the final season of Game Of Thrones – both had British series has become the norm. It’s become evident that
and European talent right at the heart of them. It’s this kind of creativity that Sky Studios will producers are relying on IP, casting, A-list writers and
showcase to audiences around the world – it’s a massive vote of confidence in the creative elevated auspices to get their project noticed in an effort
community here. to break through the clutter. Given how competitive the
drama landscape has become, buyers are looking for
How will the streaming ecosystem look this time next year? extraordinary projects and packaging elements is a way to
By this time next year all the new major streaming services will have launched and so I expect de-risk decision making.
there will inevitably be a period of refining the proposition (including content, pricing, release
structure, ad load etc) based on consumer feedback, while each service looks to find its place What show of the past 12 months most surprised
in the market. you and why?
The Israeli series Shtisel is a perfect local language series.
Do you expect to see more consolidation in 2020 compared with 2019? It’s in Hebrew and Yiddish, and a drama with cultural
Possibly, but not at the scale we have seen in 2019. Whether it’s Disney/Fox, AT&T/ authenticity and specificity that transports you into the
TimeWarner or Comcast/Sky, I think all of these major acquisitions will now go through a world of an Orthodox Jewish family in Israel. It is engaging
period of evolution and bedding in. and relatable with
universal themes of
family, religion, and
Claire Mundell , Creative director love. Even though the
at Synchronicity Films world is unique and
specific to the Orthodox
What aspect of the drama business culture, it resonates on
gives you most cause for concern? many levels and makes
I’m most concerned by the battle for it extremely accessible.
writers. With so much opportunity it is a
veritable gold rush for good writers, but with How will streamers
the increasing consolidation there is a lot of blanket such as HBO Max and
“buying up” of talent from the SVODS, and even the Peacock impact the
terrestrials. This is a challenge for indie companies but Synchronicity Films’ The Cry US studio business?
I still passionately believe that with the pairing of a Having two new
savvy, passionate producer and a writer whose skill they platforms gives producers
champion, we can cut through and find those distinctive voices, which audiences around the and studios like Sony more opportunities to sell series.
world crave. Given that both of these are new, they will need a lot of
content, especially in the early years. Although both of
What change in the scripted business during 2019 most surprised you? these streamers are part of larger media conglomerates,
The surprise for me has been in the emergence of short-form as a format the market is really up both are also looking outside of their silos for the best
for, but then any trip on public transport will demonstrate how hungry people are for content content for their respective brands.
and stories to lift them out of their everyday lives and provide escapism.
8 TBI December 2019/January 2020
p08-10,12 ReviewTBI DecJan20 RJM.indd 8 23/12/2019 09:36Preview | The Year Ahead
Superna Kalle, EVP of
international digital networks Laurine Garaude, Director of TV at Reed Midem
at Starz
The events calendar for TV has proliferated over recent years,
What is your single biggest what does this say about the content business?
concern for the future growth of It’s a reflection of the huge changes in the global content industry
your streamer into 2020? – ongoing consolidation, the launch of streaming platforms, new
I wouldn’t call this a concern, but more technologies and distribution platforms, new business models. In this increasingly
of a focus - we’re thrilled with the expansion we’ve seen complex landscape, the industry needs face to face networking more than ever, and
in the last year, and right now one of our areas of focus is established international markets like ours offer business-efficient ways to do that.
developing and acquiring more content that speaks to our Additionally they are looking to these events to provide insights they can trust and strong
expanding local audiences. Continuing to integrate our curation to help them discover new content and make new partnerships and deals.
service and deepening our relationships in the local markets
with this content is one of our foremost ambitions for 2020 Do you expect to see a consolidation in the number of content-related events
and beyond. occurring over the next couple of years?
With so many markets out there, probably, but from a Reed Midem perspective, no we
Do you expect more SVOD consolidation? don’t. Our portfolio of MIPCOM, MIPTV, MIPChina and MIPCancun has evolved to support
If there is anything to take away from the landscape this a growing and increasingly important international content market. We’ve just had a really
year - and what we are seeing for the year ahead - it’s that vibrant, highly successful MIPCancun, now in its sixth year. The need
consolidation and building scale is on trend and I wouldn’t be for face-to--face is only growing. There is always going to
ears
surprised to see more of that in the next year. And Y be a need for efficient markets that bring together key
rs
ea
’s Y decision makers from around the world. People will
al
an
start to be more selective about which they attend,
ioc
Francoise Guyonnet,
Stud
choosing the ones that best understand and
Executive managing support the changing needs of their businesses.
director for TV
series, Studiocanal
Harold Gronenthal,
How will commissioners’ EVP of programming
behaviour change in 2020? & marketing at AMC
They will look for more event series. These Networks International
may be smaller in terms of episodes but with bigger
production values. IP and brand awareness are a big asset. You operate an array of streamers,
from thriller-skewing Shudder to UK-
What is the biggest challenge for non-English language drama in the coming year? drama focused Acorn TV. With the launch of
To reach the English-speaking territories! Our content travels everywhere but the English- catch-all services such as HBO Max, do you think your
speaking countries remain a challenge for non-English speaking series. streamers could be combined?
People will go to our options and choose to exit and enter
as they will. There is more capacity for more options that are
curated, and that’s what we have with Acorn and Shudder,
Derren Lawford, Creative director at Woodcut Media they are services that are truly curated by people who know
and love those genres, and creating that package of content
Interest in factual has proliferated recently, do you expect to see is very attractive to people. There is plenty of room for growth
this growth slow down over 2020? and it’s a good strategy that aligns with our strengths.
No, not really. There are even more buyers and platforms, some of which
are launching next year. They all need distinctive content and factual is a key Attention inevitably turns to streamers impacting
part of any direct to consumer offering. What will grow in tandem with interest incumbent broadcasters, but how do you see the linear
in factual is the desire for bigger, more ambitious series and higher editorial expectations business developing?
irrespective of the programme’s tariff by those trying to compete with the streamers. Channels are still vital and they are doing well, but of course
that isn’t to say SVOD and direct-to-consumer isn’t looming.
Do you expect streamers to increase their deals with unscripted talent this year? But linear is pretty strong in the rest of world, still. It’s about
Possibly, but it’s harder to identify the one person who makes a factual series sing. It’s possible focusing on what we do well – and that is distinctive quality
that an indie exec with specific output and a track record could sign an uber-output deal. programming that is on brand. We need to push that against
the various and sundry platforms coming.
TBI December 2019/January 2020 9
p08-10,12 ReviewTBI DecJan20 RJM.indd 9 23/12/2019 09:36Preview | The Year Ahead
Stuart Baxter , President of international distribution,
Entertainment One Farhad Massoudi, CEO, Tubi
Have streamers been a positive or negative for the How will the AVOD market
distribution business over the past 12 months? change in 2020?
The arrival of streamers have been more beneficial as we’re seeing more As free streaming continues to grow,
shows commissioned. Streamers are a significant part of a distributor getting free linear streaming will become pretty
its shows produced and distributed. They can also help to reduce or address the commoditised. Most streaming platforms and
deficit and can be a good partner OEM devices will directly integrate free linear feeds into their
to the traditional broadcaster platforms, while a lot of networks will launch free linear
relationships. While we remain feeds as a mechanism to have a bet in AVOD. In light of the
platform-agnostic and seek out the success of the streaming business models, AVOD is going to
best distribution plan per project, continue to take over TV viewership as linear declines.
streamers have generated more
opportunities for creative deal- Do you expect to see AVOD services commissioning
making and global pacts. more content over the next year?
AVOD content will improve across the board. On
How will the commissioning Tubi, a number of titles are AVOD exclusive, as we are
behaviour of streamers and democratising premium content and making it easily
their attitude to rights change accessible to a broad spectrum of underserved audiences.
over the next 12 months? You will see a general upward trend with AVOD
Billions
As the number of global streamers commissioning content and securing exclusives.
increase, the demand for the best
shows will increase. The initial first phase of streamers had limited competition. The advent of What’s the biggest challenge for AVOD growth?
competition means they may need to be a little more flexible on the most sought-after projects. It’s the same for all of TV: content discovery. We are striving
to pair the consumer with the right piece of content in a
Which show not in your catalogue did you watch and wish you’d had? short amount of time across any device.
Billions
Jonathan Ford, EVP of sales, Kew Media Vasha Wallace, EVP of global acquisitions &
Distribution development, Fremantle
Have streamers been a positive or negative for the Streamers started dipping their toes into the format business
distribution business over the past 12 months? in 2019, how will change?
As new streamers and brands enter the market We are going to see the streamers
it is having a positive effect, balanced against continue to grow and go from being er
ing
the fact that the longer standing ones are US-based platforms to becoming more local platforms
S
ed
moving more to commissioning originals with a focus on local markets. This means we’ll
ask
The M
rather than acquiring finished products. see them commission more local programming.
What we know and what we’ve seen is that local
How do you predict the commissioning audiences respond better to local programming.
behaviour of streamers and broadcasters Local audiences want to see local faces on screen,
will change over the next 12 months? speaking their language.
Increased focus on originals and co-productions to provide
real value to the viewer. For a distributor, the role will also What show most impressed you in 2019 and
involve being a broker of pre-sales and co-productions, which format outside of Fremantle’s offerings do
which means a company such as Kew - that also owns you think will succeed in 2020?
production companies and therefore IP - is well placed. The Greatest Dancer from Thames (part of Fremantle) and Syco
Entertainment for BBC One did phenomenally well when it launched
Which show not in your catalogue did you watch back in primetime in January 2019. I’ve also been very impressed by The Masked Singer. It’s
and wish you’d had? exciting on a number of levels, as people said that there were no more big global travelling
Chernobyl on scripted. Three Identical Strangers in docs. formats and that’s simply not true. The reason for its success is because it’s a guessing game,
similar to Game Of Talents, with audiences constantly guessing who is singing behind the mask.
10 TBI December 2019/January 2020
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Femke Wolting, Founder and managing director, Submarine
JP Bommel, President and
2020 looks set to be a watershed year for short-form. How will this CEO, NATPE
part of the content business look in a year’s time?
Short-form has great potential as a medium both in and of itself and Development of projects across
also as a way to pilot bigger ideas or create a proving ground for longer scripted and unscripted is
form series at a reasonable budget level. This won’t meaningfully impact happening ever earlier, how is
the appetite for more full-length television content though. It has a place this affecting the events business?
alongside it in the content eco-system as opposed to a replacement for it. There There is a sense of urgency to address the
is a push for short-form as a way to capture younger audiences and it will continue to demand for content on a global basis and this is why it
grow – it’s also easier to take a risk on new voices through a short-form project, it’s a great is important to have more events in different locations
platform for new talent. around the globe to discover and distribute new content.
What will be the How will the events side of the content business
biggest challenge for adapt to the growing dominance of streamers?
producers over the NATPE was the first on the market with a sold-out event
next 12 months? for the streamers in LA last July. The reason for its success
Getting series made with is because, as the largest global content association, we
the budget levels that are bring together a new community of online creators,
currently being discussed - brands and Studios’ leadership. They discussed trends,
and once you do, actually business models and the future of content. It’s the modern
getting them seen by age of global content syndication so familiar to NATPE.
Submarine’s Undone audiences.
David Michel , President, Cottonwood Media
Hannah Demidowicz, Commissioning
editor, TCB Media Rights 2019 was another year of decline for most kids-focused linear
networks as viewers shift to streamers; what will 2020 bring?
Your role signalled a shift as distributors became From a producer’s perspective, the key stakes will be discoverability. As
commissioners, how will that trend develop? the linear networks keep declining and move their offerings to digital with
It will likely continue. Just recently we’ve seen Rachel an infinite amount of shelf space, the focus will be on finding ways to create
Job join A+E and Leila Monks land at Off The Fence. As content that extends its reach to the same volume of viewers we had with channels.
distributors become more involved further
upstream, they’ll need execs who speak the
same language as producers, who can Tim Mutimer, CEO, Banijay Rights
develop ideas and form strong editorial
collaborations with broadcasters. This What is the biggest challenge for distribution in 2020?
doesn’t replace but instead complements As more global OTT services launch, IP retention will continue
the increasingly complex commercial skills to be a challenge. Of course, media companies with global
also required within a distributor. footprints like Discovery and Nat Geo have been testing this
model for years in the linear space and distributors have thrived
What’s the major challenge in getting factual shows and found ways to work with these
off the ground and how are you working around it? outfits alongside local clients. Inevitably, business
Squeezed budgets at broadcasters are a real issue. I’ve models will adapt and evolve and there will be new n
sio
s
noticed a decline in the values attributed and contributions opportunities to offset any issues along the way.
ce
Suc
made to factual projects in the last 10 years. The
middle ground is seriously challenged when it comes to Which show outside of Banijay’s catalogue
programme making. At TCB, by commissioning our own do you wish you’d had and why?
programmes we ensure a steady pipeline for our catalogue I’m a big fan of Succession, so I’d love to get
which is not solely reliant on third party content, as well as early access to the next series. Luckily for me,
then being able to provide broadcasters quality content at Banijay is built around entrepreneurship and
an affordable tariff. creativity so I can enjoy the show without it hitting
too close to home! TBI
12 TBI December 2019/January 2020
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p14-15 Global Agency TBI DecJan20.indd 3 23/12/2019 10:27The TBI Interview | Sarah Aubrey & Sandra Dewey
Max factor
HBO Max made waves after spending $500m on Friends but its original commissioning plans are even more
noteworthy. Head of original content Sarah Aubrey and Sandra Dewey, president of business operations and
productions, talk strategy to Richard Middleton
Aubrey (left) and Dewey
are overseeing a huge
original content push
W
arnerMedia streamer HBO Max is a pace with new shows just for you,” says Aubrey of
fast becoming a behemoth on the “Our North Star that 50 originals plan. “There is always something
increasingly populous streaming is how are we new to check out and that has accustomed viewers to
landscape. And it hasn’t even pushing culture wanting something new, I’d say, at least once a month
launched yet. forward. If we are if not sooner.
That branding is, of course, an immediate nod to just redoing ideas “And that isn’t just one demo, that is across all
its roots and while it looks likely to remain a direct- that we’ve done demographics,” continues Aubrey. “So yes, it sounds a
to-consumer conduit for HBO’s much-vaunted before without a lot but if you look across a year and [the fact] that we
programming, it’s clear from talking to head of reason, then it feels have to go from kids to adults, then we feel confident it
originals Sarah Aubrey that this streaming newbie has very pedestrian.” is a good amount to start with.”
far greater ambitions. Sarah Aubrey From the off, it looks like HBO Max will be
The 50 original series it is aiming to greenlight HBO Max a different competitor to other OTT entrants.
before launching in the US in May surpass most of Disney+ is going global with a smorgasbord of
the equivalent plans from either recently launched library content and an array of originals such as The
streamers or those set to do so in the coming months. Mandalorian; Apple TV has unveiled a somewhat
In fact, its originals ambitions are probably only pared back offering of commissioned series initially;
surpassed at present by the insatiable appetites of and NBCUniversal’s strategy for Peacock is finally
incumbents Netflix and Amazon – neither of which gathering pace ahead of a launch early next year.
have HBO Max’s almost endless shelves of library WarnerMedia, meanwhile, has taken something of
content to fall back on. a different tack: HBO Max is built on a huge library of
“It is a huge number but Netflix has set the bar at existing studio product but it’s also offering partnership
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potential for producers, broadcasters, financiers and “HBO, for example, mainly skews adult and
distributors around the world. primarily male – obviously there are exceptions
That is in large part because for now at least, HBO but that is where the bulk of HBO shows sit
Max’s focus is on the US. The service is planning to demographically. We want to compliment that and
launch Stateside in the spring with 10,000 hours of round out HBO Max so we have shows for children
its own content, 50 shows commissioned exclusively then right up through to adult premium, covering all
for the streamer and a further 30 originals that will be demos in scripted and non-scripted,” she explains.
taken from HBO. TBS and TNT “skew more male and adult,”
This approach has immediately presented Aubrey adds, while The CW is “younger and more
opportunities for those outside the US. Comcast- female-skewing”. Elsewhere, CNN is “definitely
backed Sky, for example, has negotiated a five-year older and skews male, but dual” and True TV and
extension to its overall deal with HBO, handing it Adult Swim tend to attract “younger males”. Add a
exclusive rights to series such as the spin-offs from “robust animation collection for adults” and anime
Game Of Thrones. Such deals suggest that in some from CrunchyRoll – plus of course that enormous
countries outside of the States, WarnerMedia can offering from WarnerMedia’s programming library
make better returns licensing content to third parties that includes Friends, Sesame Street and The Big Bang
than piping it direct to customers. at least for the The Big Bang Theory and Theory to name but three – and the goal for HBO
time being. Sesame Street are among Max’s originals becomes clearer.
For producers and broadcasters, the clear takeaway offerings for HBO Max It means “the focus is primarily on 18-34s,
is that there is another deep-pocketed US-based
participant playing in the co-production sphere. Sky
already has plans to work on HBO Max shows, while
in December the WarnerMedia streamer confirmed
it was co-producing on Boys, a drama from Doctor
Who scribe Russell T Davies and Nicola Schindler’s
UK-based, Studiocanal-owned Red Production
Company. It will air on Channel 4 in the UK and will
chart the emotional journey of five friends during the
1980s whose lives are changed with the rise of AIDS.
Despite such partnerships, WarnerMedia’s Warner
Bros. is clearly set to become a “primary supplier”, as
Sandra Dewey, president of business operations and
productions, puts it. But she adds that HBO Max
“absolutely wants to talk to other producers because
our primary objective is to bring the best content to
our subscribers and have the best shows, whether they
come from us or someone else.
“It is also advantageous for us because we are
initially launching domestically in the US,” adds
Dewey. “And although we plan to launch in Latin
America shortly and then in selected European
territories, it isn’t a light switch. We are making
deals with some of our partners where we are taking
domestic rights and then they are able to retain
international rights.”
So, what do the WarnerMedia execs need? Aubrey,
who previously oversaw US cabler TNT, admits HBO
Max wants to “very quickly and aggressively” get into
the streaming game and that means an offering fit for
all. The streamer’s cause is helped by its existing US
networks funneling their shows across – but more than
that, WarnerMedia’s understanding of how its existing
content attracts different demos means that the gaps
Aubrey is looking to fill quickly become apparent.
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HBO Max originals, in
black, will form a vital
part of the streamer’s all
encompassing offering for
viewers
millennials and generation Z,” Aubrey says, which will “We’ve regularly had producers coming in and
“Unlike other help to fill in gaps not immediately served by existing asking if they could reboot this movie or that show,
platforms, we are content. “That said,” the exec adds, “in the adult and we have to date been very selective,” Aubrey says,
already in business space, we are looking to complement HBO’s offering highlighting that the reboot of Gossip Girl offers a
in lots of places with some programming more squarely female- timely exploration of wealth in today’s society and a
around the world so skewing – and no show performs just according to reinvigorated storyline.
part of our challenge demographics either, of course.” While Aubrey and Dewey are keen for partnerships,
is to harmonise clearly the longer term plan for HBO Max is global.
that as we move Following the ‘North Star’ The message from the exec duo is clear: first the US,
forward.” then Latin America, then Europe.
Sandra Dewey HBO Max has not been shy in commissioning its Complicating the situation is the fact that HBO
originals, which is understandable given its ambition. content is already piped via direct-to-consumer services
Numerous series have already been revealed, from such as HBO España and HBO Nordics, in addition
Ridley Scott’s Raised By Wolves to Paul Feig and Anna to the aforementioned content deals struck with the
Kendrick’s Love Life, while a show with Kaley Cuoco likes of Sky and others such as OCS in France.
and super-producer Greg Berlanti is also planned. “We plan to roll out internationally and initially
That’s in addition to The Fault In Our Stars actor that push will be into Lat Am and then Europe,” says
Ansel Elgort’s first TV series, set in Japan. Dewey. “Unlike other platforms, we are already in
Late last year, the streamer made its first series pick- business in lots of those places so part of our challenge
up with a high school-set comedy drama produced is to harmonise that as we move forward. Europe is
by Girls creator Lena Dunham and at MIPCOM, our second target in terms of these plans, because we
WarnerMedia chairman Bob Greenblatt unveiled a know to succeed we have to succeed there.”
Grease spin-off was in the works, joining a reboot of Dewey also admits there will be a “bit of navigation
teen drama Gossip Girl. of the existing platforms and services to work out
Mining the WarnerMedia IP library has clearly been how quickly we can meld the pieces together.” The
a key area of exploration for the originals team and complexity of that process and the deals struck to date
Aubrey admits she could have all but stocked up the suggests we won’t see HBO Max – or at least a full fat
HBO Max originals slate with reboots from existing version including all HBO programming – in major,
shows and movies. “But our North Star is how are we non-US markets for at least the next year or two.
pushing culture forward,” she explains. “If we are just For producers and broadcasters, that should mean
redoing ideas that we’ve done before, without a reason, that opportunities for partnerships remain open for
then it feels pedestrian.” some time yet. TBI
18 December 2019/January 2020
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Finance | Private Equity
Equitable thinking
Private equity companies are sinking their teeth ever deeper into the TV production business but what do
they want in return? Richard Middleton explores a fast-changing sector
W
hen Hostile Planet producer Plimsoll than 10 companies, including trade buyers, looking to
Productions agreed a deal with take a stake.
private equity firm LDC earlier “PE haven’t really been focused on television for a
this year, it underlined a growing decade,” explains Dey, but the “buoyant” TV sector
investment trend within the TV business. is luring them in, he says. ACF has certainly been kept
It also highlighted the way that PE companies busy, with activity that has included Fremantle and
tend to work. Founded in 2013, UK-based Plimsoll BRON Ventures taking a stake in The Immigrant,
established itself over the intervening years as a key the launch of Bear Grylls’ The Natural Studios with
player in the natural history space, with commissions Banijay in October, and Entertainment One’s deal for
from networks such as National Geographic and ITV Blackfin back in August.
but also streamers including Apple and Netflix. Indeed, it has been a frenetic few months for
That didn’t go unnoticed. When discussions began M&A execs of all persuasions. From Banijay’s
around raising investment funds, numerous PE acquisition of Endemol Shine Group to Hasbro
companies wanted to be involved, alongside the more buying Entertainment One and the numerous deals in
established TV-focused investors that would previously between, one thing is clear: the market for production
have come from the distribution end of the market. companies is hot.
Hostile Planet producer LA-based Thomas Dey, CEO and president at ACF And while those billion dollar deals might seem
Plimsoll Productions is using Investment Bank, was involved in the discussions some way from the day-to-day regime of running a
private equity financing to between Lloyds Banking Group-backed LDC and relatively small production outfit, the sheer appetite
fuel both its domestic and Plimsoll and describes it as a “fascinating deal” to be for content is one of the key drivers of PE interest.
international growth plans involved in. Not least because there were no fewer Investors are increasingly tempted by the potential
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p20-22 Private Equity TBI DecJan20 RJM.indd 20 23/12/2019 09:45Finance | Private Equity
of production companies able to tap into the surging provided a clear opportunity because LDC’s ambitions
demands for programming from a burgeoning and matched those of the production outfit and CEO “Private equity
competitive group of buyers that range from Netflix Grant Mansfield. “The reason you sell to PE is because companies are
and Amazon to Apple and WarnerMedia. you believe it will be the start of a voyage; you’re interested in
Tom Manwaring, partner at Helion Partners, says saying you want to build something.” carefully thought
several reasons are driving PE interest, not least the That is exactly what Mansfield said following the through buy-and-
fact they have “more funds than ever which they need deal with LDC, highlighting that the arrangement build strategies.”
to invest.” His company helped to secure the recent “is about giving Plimsoll Productions extra support Tom Manwaring,
deal between Sky Studios and Wendy Darke’s natural and expertise to build on our success.” Abraham, Helion Partners
history prodco True To Nature (TTN), and he says PE meanwhile, said the investment from his PE backers
outfits have also noticed the growth of the marketplace “allows us to deliver our plans faster and to begin to
driven by streamers, including the demands for scripted explore genres such as drama sooner.”
but also unscripted. Fuss adds that “the pressures from the PE side
For producers who might be considering a sale, this should be aligned with those that the management
influx of PE interest and cash can provide swathes of team is putting on themselves. They’ve come to us
opportunity. But how do deals with PE firms work because they want to grow their company and want
and how do they differ from the more traditional an injection of capital to grow faster and therefore
arrangements with well-known industry production they have the ambition to grow in line with what our
conglomerates? investors are looking for.”
Private equity vs trade deals Doing the deal
Stephen Fuss is CEO at Stargrove Pictures, a London- Whether you choose to take investment from a PE
based media advisory and consultancy. Earlier this year, company or a trade buyer, the process is similar, says
his company launched a new Enterprise Investment Manwaring. “They’ll require similar amounts of
Scheme (EIS) in association with the British Film information, profits and loss, revenues. Depending on
Institute (BFI) and PE firm Calculus Capital. the PE suitor, however, they tend not to be industry
The UK Creative Content EIS Fund is raising experts so there’s often more of a learning exercise for
around £20m ($26m) from investors such as high them in that regard.”
net worth individuals, which will then be ploughed It’s a point that Harbottle & Lewis lawyer Colin
into production companies. Its first deal was struck Howes underlines. His company provides specialist
in December with Wonderhood Studios, the prodco corporate finance and strategic advice on buying
founded by ex-Channel 4 CEO David Abraham, and selling businesses, and he says the first thing to
which is behind BBC Two show Eat The Years, understand with PE is that your acquirer likely “won’t
featuring celebrity chef Heston Blumenthal. The understand the sector as well as you do or as a trade
company has reportedly received almost £1m ($1.3m) investor would.
to expand its team and develop new content. “PE also tends to invest on more investor friendly
Other deals are in the works but have not yet been terms than trade investors so you can expect tougher
formally completed, with Fuss, who has previously controls,” he adds.
overseen investment into shows such as Call The Manwaring continues: “A PE investor will normally
Midwife and The Fall, aiming for between six and 10 have significant protections on their investments,
stakes to be taken each year. particularly if the business doesn’t perform. At a basic
He says the main difference between PE and trade level that would include monthly board meetings. If
deals from a production point of view is gaining the business underperformed, then their involvement
independence. “Up to now, if you wanted to grow would tend to increase significantly to safeguard their
you’d go to a distributor such as an All3Media or a investment.
Banijay, and those deals have been quite widespread “PE also generally only invests in more mature
and at a relatively early stage. businesses with a decent portfolio of returning shows.
“They take an equity stake, but there will usually They tend not to invest in early stage companies or
be strings attached to the deal. If you want to auction those reliant on just one show because of the increased
your content around, you might not be able to do so. If risk profile. They are however interested in carefully
you have PE investment, that is something you would thought through buy-and-build strategies.”
be able to do.” Fuss says he wants companies “with a track record
Dey adds that for companies such as Plimsoll, PE of getting TV shows off the ground and greenlit by
TBI December 2019/January 2020 21
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Stargrove Pictures’ CEO
Stephen Fuss has previously
worked on shows including
Gillian Anderson-starring
thriller The Fall
major broadcasters and distributors. That can come
Producer view: Kate Beal, CEO at Woodcut Media from within the company or from its principles, if
they have a strong record of doing that. We’d want
Private equity companies have been diving further into a company with a good network of strong talent
production companies of late but they have also been connections too.”
investing directly into shows and slates.
Kate Beal, CEO at Woodcut Media, has worked Exit plans
with PE companies on several occasions and for
various different reasons - with the one constant While some PE deals will be made in order to fund not
being that their involvement has helped to ensure just organic growth but acquisitions, others such as the
that ideas can become actual shows. Calculus-backed fund will provide the investment for
“We’ve done a couple of projects with PE,” Beal tells “overheads and development of the company to help
TBI, ranging from shows that have been entirely financed by private equity firms - them grow,” says Fuss, as in the case of Wonderhood.
such as Idris Elba’s feature doc Mandela, My Dad And Me - to smaller investments “It can include being used to pay for staff or whatever
on World’s Most Evil Killers. is needed to help grow the company organically.
“They clearly need to buy into the idea of the show but they also really need to “We’ll also take a seat on the board and we’ll
buy into the numbers and the plan. You can’t go and say we’d like $100,000; you generally look to help the producer in any way we
have to say we need $100,000 and this is precisely when we need it and this is can. Stargrove has a network of contacts who can
exactly when you will get it back.” be useful to help grow the company. And with our
Beal says the timeline of projects must be worked out and producers need to industry contacts and Calculus with their venture
talk to distributors about how a potential show might progress on the sales-front. capital experience, we’d hope to add value but without
“You want to be able to point to numbers that say this is month six, this is interfering in the creative process, which is certainly
12 months, this is 18 months and this is when you will have your investment what we’re not looking to do.”
returned, you really do need to know your maths. And that is where we, as a But the PE firm won’t be looking to stick around
producer, have an advantage because we know our numbers.” for the long term. Generally, they will invest then sell
Those figures can then be run past analysts, who will work out best and worse within five years, though Fuss says the exit timeline for
case scenarios. “They follow the market like any other, it is not really that different his EIS fund is between four and six years.
from them investing in oil.” At that point, there are various options. For smaller
The rate of return depends on how much is initially invested, Beal adds, and she companies, a PE “might either sell to another PE
advises producers to regularly run through projects with PE partners so they know house, which is not uncommon, or they would sell to
about potential opportunities. one of the other trade players, possibly to a bigger indie
“How much they get back all depends on how much they put in, however I’m or one of the groups,” says Howes.
of the opinion that having a percentage of something produced is better than “The PE player then would be out of the picture
having 100% of something that never gets made. In this new world order where but the people buying would still want the founders to
deficit financing is king, we need PE more and more. They are taking some of the stay on for a further period, of course. The value of a
strain from distributors.” production company lies in its people, the IP and its
track record.” TBI
22 TBI December 2019/January 2020
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TBI Scripted | Genre Focus
From Slough House
with love?
Apple TV+ has turned to a familiar genre for its first European
drama, but what makes spy stories so enduring and are we
reaching saturation point? Stephen Arnell explores
S
ince joining Apple in 2017, Jay Hunt has
kept a relatively low profile. All this could
be about to change after the recent launch of
the streamer and the details of her first major
scripted commission, the spy drama Slow Horses.
To industry observers, Apple TV+’s European
content chief can be seen to have made either a smart
move, given the proven popularity of the genre, or
perhaps a gamble, given how crowded the marketplace
has become with spy thrillers.
From The Night Manager, London Spy and The
Honourable Woman, to The Americans, Deutschland
83/86/89 and Jack Ryan, spy sagas have been coming
thick and fast over over the past five years or so. Shows
such as Killing Eve have also taken the genre into new
areas, with an appeal that goes beyond the traditional
target audience.
Series such as Condor, airing on Canadian network
Audience, and Sasha Baron-Cohen’s The Spy for
OCS in France and Netflix internationally, have
also launched, while the global streamer has enjoyed
success with Israeli series Fauda from Yes Studios. day relevance in the misogyny of a male-dominated
And the market isn’t done yet: on the horizon are workplace, ‘fake news’ and the possible reignition of
CBS’s Queen Latifah-fronted reboot of 1980s show the Cold War,” Guilbart adds.
The Equalizer and Showtime’s Intelligence, while Clearly the spy genre provides a conduit for a
Finnish thriller Shadow Lines, set in the 1950s, is soon multitude of other themes to be explored, but with so
to become available to global buyers. many series on offer, is saturation being reached?
Emmanuelle Guilbart, joint CEO & co-founder of Nothing suggests that yet, but the cancellation of
Shadow Lines producer/distributor About Premium Berlin Station on Epix and the end of Counterpoint on
Content, said the show’s warm reception on Finnish Starz in 2019 could be taken as evidence of possible
streamer Elisa Viihde – which ordered the series – was audience fatigue. Add that to the disappointing ratings
due to a combination of factors including “the stylish performances of both BBC One’s John Le Carré
1950s fashions, a sophisticated approach and the adaptation The Little Drummer Girl in 2018 and
Finnish setting - Helsinki was often used as substitute Channel 4’s Traitors last year, coupled with the generally
for Moscow in thrillers such as Gorky Park. The underwhelming reaction to Fox’s European commission
young female protagonist gives the show a unique Deep State, and perhaps viewers are tiring. Like other
appeal and a younger audience when compared to Slow Horses is the first genres such as Western, detective and zombie dramas,
other TV spy thrillers too,” Guilbart adds. novel from Mick Herron’s spy thrillers tend to stick to certain conventions, which
Importantly, the story also explores “the present- Slough House series increases the risk of over-familiarity.
24 TBI December 2019/January 2020
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