Two years after initially investing in wiip, Atwater Capital is reinvesting in the indie studio behind such hits as HBO's "Mare of Easttown" and Apple TV+'s "Dickinson" with an additional infusion of an undisclosed sum. The move comes as private equity firms continue to pour money into Hollywood, even as publicly held companies like Netflix experience volatility.
"We have these industry 'meta-themes,' because we're thematic investors, and when we find a great company that hits that and we vibe with the management team, we're going to continue being a supportive shareholder," Vania Schlogel, founder and managing partner at Atwater Capital, told Insider. Schlogel is also a member of wiip's advisory board.
One of those themes is "a true belief in great storytelling," Schlogel said. "I believe that there's always going to be a demand for content that is great storytelling, and I don't think that goes away with markets trading off or inflation or even a recession."
In addition to Kate Winslet starrer "Mare of Easttown" and Hailee Steinfeld-led "Dickinson," wiip's other productions include: Amazon Prime Video's "The Summer I Turned Pretty," based on the Jenny Han novel, which was renewed for Season 2; HBO's "The White House Plumbers" starring Woody Harrelson and Justin Theroux; FX limited series "Pistol," an adaptation of the Sex Pistols guitarist Steve Jones' memoir; and the upcoming Will Forte starrer "Bodkin," from the Obamas' production company Higher Ground.
Schlogel called wiip, which was created in 2018 by former ABC Entertainment head Paul Lee, a "great company that is not buoyed by industry trends but also a tastemaker and a culture creator."
With this investment, Atwater becomes the second-largest stakeholder in wiip after Studio LuluLala (also known as SLL, and formerly known as JTBC Studios), the South Korean producer behind Netflix's "Hellbound," which in June 2021 acquired a majority interest in the studio. As part of that year-ago deal, talent agency CAA transitioned its majority holding to a minority stake while Atwater held onto part of its investment and sold the rest of its position in wiip to SLL. Prior to that, Atwater had closed on a debt facility to back the studio.
"We love working with Vania and Atwater, and are thrilled that the team is committed to continuing this partnership with wiip," wiip CEO Lee said in a statement.
Jeongin Hong, the CEO of SLL holding company Contentree JoongAng, touted wiip and Atwater's "shared passion for authentic and impactful storytelling."
"Atwater brings exceptional experience and strategic insight, and we believe that this strengthened partnership will position wiip for further growth and continue creative success," Hong said.
When you buy through our links, Insider may earn an affiliate commission. Learn more.
