Wiip, the independent US television studio headed by former BBC executive and ABC network entertainment president Paul Lee, has secured an investment from private equity firm Atwater Capital.
The investment, for an undisclosed amount, will “further fuel the studio’s ongoing mission to empower artists and creators to realise their creative visions,” Wiip said in a statement.
Wiip – the name is an acronym for ‘word,’ ‘idea,’ ‘imagination’ and ‘production’ - is known for projects such as Apple TV+’s Dickinson series and Facebook Watch comedy Queen America. The company’s slate of upcoming series includes comedy Dummy, for Jeffrey Katzenberg’s short-form video platform Quibi, Kate Winslet drama Mare Of Easttown and Woody Harrelson limited series The White House Plumbers for HBO and Adam McKay anthology series The Uninhabitable Earth for HBO Max.
Lee launched Wiip in 2018, with backing from CAA, following his stint as president of entertainment at US broadcast network ABC. He previously headed the BBC America cable channel from its launch in 1998 and worked at the BBC in his native UK.
Atwater’s other media sector investments include Germany’s Leonine, Los Angeles film and TV production and sales operation Mad River Pictures, and a development partnership with Channing Tatum’s Free Association. Atwater Capital founder and managing partner Vania Schlogel will join Wiip’s advisory board.
Atwater Capital head of Asia Joseph Lee commented: “Wiip has quickly established itself as a powerhouse in creating premiere content, building in a short time an impressive slate of high-profile projects and delivering double digit revenue growth year on year. We are excited to play a part in supporting the future growth and international expansion of this great company.”
Wiip co-founder (with Paul Lee) Matteo Perale added: “We are delighted to welcome Atwater Capital to Wiip. We look forward to working together to empower the best creative voices in Hollywood and internationally.”
Atwater was advised by Lowenstein Sandler, Stroock & Stroock & Lavan and Taelim. Wiip was advised by CAA Media Finance, Evolution Media Capital and O’Melveny & Myers.