Sound the Octo-alert! Chinese giant Wanda Studios has completed the deal to buy-out Sony from its $49M stake in Octonauts rights holder Vampire Squid Productions (VSP), giving the Chinese giant full ownership of the franchise.
This follows a long-running legal dispute during which Sony sued Wanda for not following through on an agreement to acquire the remaining 49% stake in VSP previously held by Sony-owned Silvergate Media. Wanda Kids had previously held a 51% controlling interest in VSP. The London High Court last year ruled that Wanda must pay Columbia Pictures the $49M and the deal has gone through this year.
Vampire Squid Productions is now shopping 52 recently completed episodes of seasons seven and eight of the hit kids franchise, which it is looking to grow via merchandising, partnerships and live experiences.
Deals were struck for previous seasons with broadcasters and streamers including BBC and Netflix and the former is already broadcasting season seven. We’re told there are multiple new seasons of the show already written and “ready” to go into production.
The show has generated more than 2.2BN views on YouTube globally and is one of the top kids programs in China. It currently stands in the top 10% of children’s shows globally for demand, according to Parrot Analytics.
From their ‘Octopod’ home base, the series follows a team of undersea explorers as they explore new underwater worlds, rescue amazing sea creatures and protect the ocean. The group is led by Captain Barnacles the bear, and also includes Kwazii the kitten, Peso the penguin, and Dr. Shellington the sea otter. The animated series, geared toward preschoolers, is based on a book series of the same name.
Seasons seven and eight are said to continue the Octonauts: Above & Beyond series and the brand’s “explore, rescue, protect” motto. Wanda says the seasons will explore “diverse land and ocean environments while reinforcing biodiversity conservation themes”.
Terry Chow, COO of VSP and VP of Wanda Studios, will team with Michael Ikeda, Tai Truesdell and Simon Swart of HomeWorld Entertainment, to lead the Octonauts franchise strategy.
Terry Chow, VP of Wanda Studios, said: “The Octonauts is the flagship brand for Wanda Kids, and we know that children and families around the world will be thrilled by where we are taking this beloved franchise. Together, we’re charting a bold new course — expanding and consolidating The Octonauts into new territories, new stories, and new experiences that will inspire the next generation of young explorers. We are delighted to team up with Simon and Tai and the incredible team at HomeWorld.”
“The Octonauts is a franchise with both heart and scale. Its unique blend of science, storytelling, and adventure has earned the trust of parents and the love of children worldwide. With global rights now consolidated under Wanda Studios and Vampire Squid Productions, The Octonauts is positioned for a new era of platform partnerships and franchise consolidation and expansion. With Wanda Studios and VSP we will bring this iconic brand to even greater heights across every platform and market,” added Simon Swart, Managing Partner and CEO of HomeWorld Entertainment.
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