The U.S. co-production market appears to be stirring back to life, and that shift could reshape how premium TV dramas get financed in the years ahead. In a notable sign of renewed momentum, Mediawan says U.S. buyers are once again showing interest in international co-productions, with HBO’s involvement in the BBC period drama 1536 standing out as a strong example.
For producers across Europe and the UK, this is more than just one deal. A reopening U.S. co-production market could unlock fresh financing options, reduce risk on ambitious scripted projects, and encourage more partnerships between American platforms and European studios.
Why the U.S. co-production market matters again
According to Mediawan leadership, the U.S. co-production market had been largely dormant for the last two to three years. That cooling period reflected a wider industry reset, as streamers and broadcasters tightened budgets, reassessed content spending, and became more selective about greenlighting drama.
Now, the mood appears to be shifting. Elisabeth D’Arvieu, Mediawan’s Global Content Officer and CEO of Mediawan Pictures, pointed to the sale of 1536 to HBO in the U.S. as proof that American partners are becoming more open to international collaboration again.
That matters because co-productions help spread costs across multiple partners while also broadening a show’s reach. In a market where buyers still face budget pressure, the U.S. co-production market offers a practical route to getting high-end projects over the line.
How Mediawan used 1536 to secure financing
1536, a Tudor England-set drama from Drama Republic for the BBC, became a case study in modern TV financing. Mediawan said the project was able to move forward by combining support from the BBC in the UK with HBO in the U.S., creating a transatlantic structure that made production viable.
This kind of partnership is increasingly important in a difficult content economy. Rather than relying on one buyer to absorb all the cost, producers are stitching together financing through:
- Domestic broadcasters
- U.S. premium platforms
- International distribution commitments
- Tax incentives and regional production support
- Flexible production and rights arrangements
For Mediawan, the U.S. co-production market is no longer just about securing a sale after the fact. It is about involving American partners early enough to help make the show happen in the first place.
Why Europe is becoming more attractive to U.S. buyers
One of the strongest arguments for reviving the U.S. co-production market is cost efficiency. European production hubs can often deliver premium scripted television at lower budgets than comparable U.S.-based productions, while still maintaining high production values.
That value proposition is growing more persuasive as studios and streamers face continued pressure to balance prestige content with financial discipline. Europe offers several advantages:
- Competitive production budgets
- Established crews and studio infrastructure
- Government incentives and tax breaks
- Strong creative talent across writing, directing, and production
- The ability to attract international casts
For U.S. companies, that means the U.S. co-production market may increasingly overlap with a broader strategy: making globally appealing dramas in Europe that travel well internationally.
The UK’s natural role in transatlantic TV partnerships
The UK remains an especially logical partner in the U.S. co-production market. It combines English-language storytelling, world-class talent, and a long history of producing scripted series that appeal to both domestic and American audiences.
Mediawan is well positioned here through its UK production labels, including Drama Republic, See-Saw, and Wild Seed. That portfolio gives the company a strong base for projects that can be developed locally but financed internationally.
British producers have often spoken about the difficulty of replacing retreating U.S. partners in recent years. If the U.S. co-production market is indeed reopening, UK drama producers may be among the biggest beneficiaries.
What this means for the future of scripted TV
The renewed activity in the U.S. co-production market does not mean every buyer has fully returned. American companies are still cautious, and deals remain highly strategic. But the direction of travel is encouraging for producers seeking smarter ways to mount expensive dramas.
Several trends are likely to shape the next phase:
- More flexible financing models: Producers will continue blending broadcasters, streamers, distributors, and incentives.
- Earlier partner involvement: U.S. buyers may come in during development rather than only acquiring completed series.
- Internationally minded storytelling: Projects with broad audience appeal will have the strongest chance of attracting co-production backing.
- Budget-conscious prestige TV: Buyers will keep searching for premium shows that deliver quality without U.S.-level cost inflation.
Mediawan’s wider track record adds weight to this outlook. The company is behind internationally recognized titles such as Call My Agent! and HPI, the latter adapted in the U.S. as High Potential for ABC. That experience shows how European IP can travel, be remade, or support multinational financing structures.
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Conclusion
The return of the U.S. co-production market may prove to be one of the most important developments in scripted television financing right now. Mediawan’s HBO-backed 1536 deal suggests that American buyers are once again willing to partner across borders when the project, timing, and economics align. For UK and European producers, that renewed openness could create fresh opportunities to fund ambitious dramas, reach wider audiences, and build more resilient production models in a volatile market.
