JTBC Studios takes over Wiip, eyes global content industry

Local entertainment giant JTBC Studios said Tuesday it was acquiring an independent US television studio in preparation for a foray into the American market.

The deal of an undisclosed amount is the latest in a line of aggressive investments JTBC has made since last year to increase its presence in the global TV market. JTBC Studios said it would engage with the US content maker in the areas of co-production and expanding distribution channels, for example. The company plans to expand to Japan and Southeast Asia in the future.

Kim Si-kyoo, CEO of JTBC Studios, said, “Producing content that targets global customers and securing a top part in the US is competitive.”

Kim also added that JTBC has made a meaningful step by taking over Wiip and expects this to be a stepping stone to the competitive industry.

Founded by Paul Lee, the former head of BBC America and former ABC network entertainment president, Wiip has produced high-quality projects such as Apple TV+’s Dickinson series.

Creative Artists Agency, Wiip’s biggest shareholder, will remain as the company’s major shareholder even after the takeover and maintain a cooperative relationship.

By Park Jun-hee (junheee@heraldcorp.com)