Production companies looking to attract private equity need to look at the business through the lens of an investor, according to Shawn Efran (pictured left), whose unscripted prodco Bright North Studios was acquired by New York-based Redbird IMI in September 2024.

“The idea of understanding how investors look at us and how we have to present ourselves was a perspective shift,” the CEO said during the Banff World Media Festival’s panel titled Studios to Startups: How to Grow Content Businesses in a Time Of Rapid Change, moderated by Electric Palm Media president Sam Sniderman (pictured right).

“Anybody who’s interested in going through that process, I would encourage you to start thinking about it now, because it’s different [from] being a producer,” added Efran.

He went on to say that working with Redbird IMI has meant looking at his company from a more holistic standpoint. “How are we as a business? What are our targets? Who are our potential new clients? How are we going to expand the pace of what we can do?”

The panel also touched on the challenges facing international financing today. Jonathan Ford, managing director at Sphere Abacus (pictured centre left), said the old model of advances following a commission is no longer the reality.

“A distribution partner’s role is not just giving you money, but it’s giving you some money, and then also helping fill that gap by looking at pre-sales and finding partners who can come in early with an editorial say,” he said.

Ford also discussed Bell Media’s majority acquisition of Sphere Abacus in March, saying there are opportunities for the distributor to coproduce with Bell Media or to see which Bell Media-owned programming they would be interested in distributing.

At the same time, Cheryl Lynch, Sony Pictures Television EVP, head of business affairs and scripted formats (pictured centre right), said that buyers are becoming more flexible when it comes to how deals are put together, “even with the streamers, which, hallelujah, finally,” she said. “Because they were [saying] ‘we have to have the world. We have to own everything.'”

The necessity of co-financing

Jens Richter, CEO of commercial and international at Fremantle Media, said that co-financing is a necessity for his company now, citing Canadian series such as CTV’s Sullivan’s Crossing (Reel World Management) with Bell Media and the newly announced Match Game for CTV.

“There are no more lines in the ground,” he said during the Co: Financing, Commissioning & Producing panel, moderated by Broadcast‘s John Elmes. “You work with your competitor for the right kind of project.”

He said the risk was “pretty intense” for Sullivan’s Crossing, as it was only after financing was completed that the CW and other European and Australian broadcasters came on board.

Justin Stockman, Bell Media VP, content development and programming, discussed the “rebrand” the broadcaster is undertaking in positioning Canada as a place to produce elevated, premium content.

“We’re not doing [co-financing] altruistically. We are the biggest broadcaster and the biggest commissioner,” said Stockman. “It’s really how we can repatriate some of the biggest and best creators in the world that are Canadian.”

Sometimes, the co-financing makes creative sense, like with the Canada/Greece/Norway copro So Long Marianne (Connect3 Media, Letters from Leonard, Tanweer Productions), which tells the story of Montreal-born Leonard Cohen’s time on the Greek island of Hydra with his Norwegian lover Marianne Ihlen.

Other times, finding global partners is aided by having a significant star on board. One example is Bell Media’s deal to produce projects with Lionsgate and Seth Rogen and Evan Goldberg’s L.A.-based banner Point Grey Pictures, announced last December.

“We have several good ideas cooking with them that are going to be really fun,” said Stockman. “Seth wants to do a Canadian show, but he’s a global star, so it’ll be meant to travel.”

Alon Aranya, founder of L.A.-based Paper Plane Productions called out the “huge opportunity” for Canada and the rest of the world: “This is the first time in history U.S. buyers are concerned about the cost of their show. We can finally approach us buyers and say, ‘I can make this show, and it’s also going to be predominantly in English, and I can make it for [about] a third of what it would cost you to make here in the U.S.'”

Canada as an unscripted hub

Michela di Mondo, Fremantle Canada’s EVP distribution, international, spoke to the company’s desire to create a hub structure for Canada in unscripted production, which could also be “bespoke, around tax credits.”

She highlighted Alberta’s move last June to expand film and television tax credit eligibility for domestic and international productions to game shows. “It’s going to open the door for you guys to even create game shows that could export formats internationally,” she said.

A+E Factual Studios president Sharon Scott echoed di Mondo’s comment, saying, “I think that anything that can be done anywhere should be done here,” whether it’s a location shot or an expert interview or more.

Outside of Alberta, FremantleMedia North America is producing a Martin Short-hosted and executive produced revival of ABC’s Match Game, set to film in Montreal.

“I think half of the challenge was … really talking internally with my shop around the opportunities in Canada, and how do you build formats and opportunity and coproductions?” said di Mondo. “A lot of that is just being really resilient on ensuring they understand the uniqueness of the law.”

Allison Wallach, Fox Entertainment Studios head of unscripted programming, said that hubs had been “the solution” for the company, particularly in regards to talent with busy schedules. “We’re looking for more opportunities to do the same [in Canada], actually,” she said.

Di Mondo advised Canadian producers to bring their formats forward. “There is that appetite,” she said.

Photo by Kristian Bogner