For 9 Story Media Group president and CEO Vince Commisso, MIPCOM was one of the first opportunities for his company to exhibit the newfound synergy with publisher Scholastic following the closure of its $250 million investment in June.

Among the series showcased in Cannes were Scholastic adaptations like the CG-animated The Magic School Bus: Mighty Explorers and supernatural thriller Sixteen Souls, aimed at kids age 14 and up. “When we went to MIPCOM, we brought three properties that had IP and one was new, and that, I suspect, for the next little while will be the mix, or representative of a mix going forward,” Commisso tells Playback.

Six months removed from closing the deal, Commisso is even more confident it was the right move.

“These days, having content that is well-known IP is key to any endeavour moving forward. It doesn’t guarantee anything, just like having new IP doesn’t mean it will be successful,” says Commisso. “But in the era we’re in right now, having something that you can point to as a substantial data point that says there’s demand for that IP is extremely important.”

The pipeline is already moving in both directions. The 9 Story series Juno the Jellyfish is being adapted into a Scholastic book series. The CG-animated family sitcom, which also was shown on the Riviera, was developed as a result of 9 Story’s development deal with Crayola Studios.

He says the opportunity exists to impact both markets at once with a simultaneous release of a book and series. However, the company hasn’t identified an appropriate IP for that scenario yet.

Much of the synergy in developing properties for series or books, at least initially, will be weighed in favour of Scholastic’s IP, according to Commisso.

“Scholastic’s done a very good job of [developing IP] themselves,” says Commisso, “but with our capabilities, we can bring it to market faster and bring more resources to bear to bring it to market for lower costs.”

Scholastic acquired 100% economic interest and minority voting rights to 9 Story in a deal valued at $250 million. The agreement keeps 9 Story’s leadership intact, along with an independent board of directors.

Commisso says the deal is replicable and even advisable for other companies given the current downturn in commissions in Canada.

“[In] other countries around the world, like the U.K., everyone’s been more agnostic about where the capital comes from. Right now, to keep our industry going in Canada, we need external capital to do it,” says Commisso.

He emphasized the importance of scale for Canadian companies of a certain size, because “when you get to a certain size, you’re in a bit of no man’s land and you need to scale up and be a company with substantial IP in the business,” which is what 9 Story has vied to do with its Scholastic deal.

However, Commisso says he’s unsure if the current Canadian system will allow others to scale at the level 9 Story has been able to. “It needs to adjust and reflect today’s landscape, and I hope we can get there.”

Image courtesy of 9 Story Media Group

This story originally appeared in Playback’s Winter 2024 issue