Indie Studio Revenge: TV's Big Hits (and Deals) are Now Off the Lot
Agents, attorneys, execs reveal how A24, Media Res, Fifth Season & more are blowing up terms and backend through a 'human lens'
This is third in my trio of stories this month on the new state of TV deals. I previously broke down “showveralls” and mini-first-looks and scooped Apple’s new backend deals for writers.
What do Euphoria, Severance, Landman and The Morning Show have in common? They’re all hits for streamers that were produced by indie studios.
Finding distribution after bringing a project to anyone but an in-house producer used to be seen as a near-impossible feat. But while I was talking to dealmakers about the state of television for my columns earlier this month on writer deals in the post-quote era — including my scoop on Apple’s new backend structure — it became clear that’s no longer the case.
“The biggest trend for me this year is a lot of business is being driven to indie studios,” says WME partner Lindsay Aubin.
When I asked another top TV talent agent what’s the first place he’d take a project he felt in his bones would be a hit, he didn’t hesitate: “A24.” The studio’s roster includes Euphoria, Beef, Ramy, Overcompensating and Kat Sadler’s BAFTA-winning BBC/Hulu comedy Such Brave Girls, whose second season premieres July 7.
Fifth Season (Severance, Tokyo Vice, Nine Perfect Strangers) and Media Res (The Morning Show, Pachinko, I’m a Virgo) are also at the top of dealmakers’ lists, with places like North Road, Skydance, 101 Studios, Tomorrow Studios and MRC in the conversation too (check out my colleague Elaine Low’s in-depth interview with MRC TV president Jenna Santoianni). The draw at these indies? Better backend definitions and less reliance on the old way of doing things, for starters.
One indie TV exec tells me it’s not surprising that talent is gravitating to indies because they approach dealmaking through a “human lens” and are loath to derail momentum on a project they’re excited about by digging in their heels on deal points because of precedent.
I talked with agents, lawyers and execs including Media Res CEO and founder Michael Ellenberg, Del Shaw partner Kevin Garlitz and more about where these indies fit in the scripted TV ecosystem, how to maximize talent deals and what they’re looking to buy right now.
In this issue for paid subscribers:
✅ The indie studio where one agent says you can close a deal in 48 hours
✅ Pilot fees north of $500K? EP fees in six figures? What indies are really paying top writers
✅ A real-world look at how an indie studio banks $750K in profit per episode — and shares it with talent
✅ Why indies are offering 10/10 backend deals usually reserved for TV royalty
✅ The growing trend of “half now, half later” script fees — and why reps are calling BS
✅ The creator-showrunners still landing “insane” deals — and here’s how you can get close
✅ The deal’s done… until the buyer balks. How streamers are forcing renegotiations post-sale
✅ What Baby Reindeer and Severance taught Hollywood about taking big swings — and why it matters for your next pitch
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