Apple has acquired “Severance” from Fifth Season as it looks to grow its in-house production studio and prepares for the show’s third season.
The deal will see Fifth Season, which produced the first two seasons of the Emmy-winning drama series, stay on as an executive producer. A spokesperson for Fifth Season declined to comment, while Apple did not immediately return TheWrap’s request for comment.
The transaction is similar to the tech giant’s acquisition of “Silo” from AMC Studios following its first season.
Deadline, which first reported the deal, noted that Fifth Season lost money on both seasons of “Severance” and that spending on Season 2 escalated amid months of COVID-19 protocols, a months-long shutdown due to the 2023 Hollywood strikes, writers’ room friction and script changes that resulted in scrapped pre-built locations and reshoots.
At the same time, tax credit payments for the show reportedly were delayed and borrowing became more expensive, with rates climbing from 1% to between 5.5% and 6%. That put financial strain on Fifth Season, who asked Apple TV for advances and payment assistance and even mulled moving the show from New York to Canada.
Apple, who felt it was in a better position to bear the financial burden and concluded it would be beneficial to bring Ben Stiller and his Red Hour Films banner in-house, reportedly approached Fifth Season about the buyout.
“Severance” has been renewed for Season 3, though a fourth season is reportedly expected by Apple.
In addition to “Severance,” Fifth Studio has produced Apple series including “Chief of War,” “See,” “Truth Be Told,” “Roar,” “Lady in the Lake” and the delayed drama “The Savant.”
The first two seasons of “Severance” are available to stream on Apple TV now.
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