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The Orange IP Playbook: How European Transmedia Studios Are Winning US Deals

UUnknown

2026-02-15

9 min read

Why WME’s Orangery signing matters: how European transmedia studios package IP to win US deals and global streams in 2026.

Hook: Why you should care that a Turin comic shop just signed with WME

Too many readers feel swamped by the same US superhero universes recycled into every streamer’s slate. You want fresh, sharable IP that travels — not another retread. Enter a new wave of European transmedia studios like The Orangery, whose recent WME signing in January 2026 put a spotlight on why US agencies and streamers are suddenly very interested in cross-border IP deals.

The headline first: what happened and why it matters now

On 16 January 2026 Variety reported that The Orangery, a Turin-based transmedia IP studio founded by Italian executive Davide G.G. Caci, signed with William Morris Endeavor. The Orangery controls graphic-novel IP including the sci-fi series Traveling to Mars and the erotic drama Sweet Paprika. That deal is a signal, not an anomaly.

Over late 2025 and into early 2026, US buyers — from traditional talent agencies to streamers and newly repositioned studio outfits — accelerated sourcing from Europe. Two trends are converging: (1) buyers need high-quality, ready-to-adapt IP that stands out globally; (2) European transmedia studios are packaging multi-format IP with audience signals, legal clarity and production-ready bibles. The result: more global deals for European IP.

Why US agencies and streamers now prize European transmedia studios

There are practical reasons and strategic reasons. Here’s a breakdown of what’s driving studio interest in cross-border IP today.

1. Fresh, internationally resonant stories

European creators often offer culturally distinct voices that still travel. Stories grounded in local settings, with universal themes, give streamers built-in differentiation. A graphic novel that’s already found a passionate readership across Italy, France and the UK is an easier sell internationally than another origin-story reboot.

2. Transmedia-ready assets reduce development risk

Modern transmedia studios design IP to live across formats — comics, limited series, audio drama, interactive experiences and music. That modularity means the IP comes with a roadmap for monetisation past the first screen, which appeals to agencies and streamers looking to maximise lifetime value.

3. Clear rights packaging and legal hygiene

European transmedia studios that come to market with a clean chain-of-title, pre-cleared subsidiary rights (audio, adaptation, merchandising) and transparent contracts make US lawyers breathe easier. The Orangery positioned itself as a rights-first outfit, and that clarity accelerates negotiation and reduces legal friction.

4. Cost arbitrage + incentives

Production in parts of Europe remains cheaper than equivalent US shoots, while offering excellent crew and talent. Add tax credits, regional film funds and co-production treaties (UK-EU co-pros, Italy’s tax rebate, etc.) and you get budgets that stretch further — a practical draw for streamers balancing global slates.

5. Agencies like WME expanding their catalogue strategy

Agencies like WME now view IP packaging as a growth vector. Signing a transmedia studio gives them first-look access to adaptable properties and potential revenue-share on multiple formats — not just talent commissions. The Orangery signing is an example of agencies buying into upstream content sourcing.

Case study: The Orangery — a blueprint for European transmedia success

The Orangery’s model contains a number of replicable elements. Below we unpack what they did right, and why that appeals to US buyers.

What The Orangery brought to the table

Curated IP slate: Two headline properties with proven fan engagement — one sci-fi, one adult drama — giving tonal range.
Cross-format design: Each property launched first as a graphic novel with built-in episodic structure, making adaptation to TV straightforward.
Audience signals: Sales, social engagement and festival/showcase appearances provided measurables that reduce buyer uncertainty.
Rights clarity: Contracts drafted to retain adaptation and merchandising rights while allowing strategic partnerships.
Agency-friendly posture: The Orangery proactively sought representation and US partners, understanding that agency mediation speeds access to studios and streamers.

Why WME — and other agencies — see value

WME and similar agencies aren’t just talent brokers anymore; they’re distribution and deal architects. By representing a transmedia studio, agencies gain a front-row seat to new IP that can be packaged with talent, directors and co-financed production plans — creating multiplatform revenue streams. In 2026 this model fits agency strategies that followed the post-pandemic restructuring of content supply chains.

How American streamers evaluate European IP — what they look for in 2026

Streamers have evolved their playbooks. Here’s a short checklist they use when vetting a European transmedia studio:

Proof of engagement — measurable readership or streaming metrics for existing formats.
Adaptability — narrative structures that can be rendered episodically (8–10 episodes) or as a limited series.
Transmedia roadmap — planned expansions to audio, games and merchandising.
Localization plan — language and casting strategies for international launch windows.
Budget realism — clear production budgets leveraging local incentives.

Practical playbook: How European transmedia studios can win more US deals

If you run or advise a transmedia studio in Europe, these are the concrete steps that increase your chance of WME signings and streamer interest.

1. Package IP as a modular product

Don’t present single-format concepts. For each project, create a concise IP bible that includes:

Logline + season arc (8–10 episodes)
Character dossiers with casting comps
Proof points (sales, social, festival screenings)
Transmedia expansion options (audio series, short-form video adaptations, AR experiences)

2. Build and show measurable audience traction

Agencies and streamers prefer signals over promises. Fast, repeatable options to generate proof include serialized webcomics, short-form video adaptations, or limited-run audio episodes. Use analytics dashboards and exportable metrics during pitches.

3. Clean up rights and prepare US-friendly contracts

Hire counsel familiar with US entertainment law. Pre-clear subsidiary rights and avoid ambiguous author agreements. Offer agencies a clear path to attach talent and directors without re-negotiating core IP ownership.

4. Use co-production incentives as leverage

Detail which tax credits and regional funds will be applied. A co-production deal that halves net production cost is more attractive to streamers concerned about ROI. Include case studies or mock budgets showing net effective cost after incentives.

5. Proactively secure early attachments

Secure a showrunner, director or even a high-profile actor attachment where possible. Early talent reduces development time and increases perceived value. Agencies like WME can then optimize placement across their network.

6. Speak the languages of buyers

Learn to pitch to US buyers: focus on comparables (think “If shows X and Y mated, this would be Z”), be concise on budgets and timelines, and present a clear revenue split. Providing an English-language proof-of-concept helps remove language friction.

How US agencies and streamers should approach European transmedia sourcing

For US buyers looking to make more cross-border bets, here’s a tactical checklist to speed deals and reduce friction.

1. Build a European IP scouting desk

Dedicated scouts with language skills and local networks can surface IP before it hits festivals. Agencies that embedded European teams in 2025 found richer pipelines in 2026.

2. Invest in early-stage development funding

Offer development advances tied to milestones (bible, pilot script, proof-of-concept). This lowers European creators’ risk and secures first-look options for US buyers.

3. Use co-financing structures that respect local ecosystems

Co-financing with regional streamers or funds unlocks incentives and local distribution. Design deals that allow local partners a release window — a politically smart move in many EU markets.

4. Prioritise modular rights, not full buyouts

Buying only what you need (streaming, adaptation rights for defined territories) preserves goodwill and keeps creator involvement high — often a quality indicator for adaptations.

Risks and friction points — what trips deals up

Cross-border IP deals are attractive, but not frictionless. Common deal-breakers include:

Poor rights clarity — unresolved underlying agreements with writers or artists.
Overambitious budgets that ignore local cost structures.
No proof of concept or audience signal.
Lack of clear localization strategy.

Address these early and you’ll be ahead of most European competitors.

2026 trends to watch — short-term forecasts

Looking across early 2026 moves, expect the following:

More WME signings and similar agency attachments as agencies double-down on upstream IP sourcing.
Streamers increasing co-financing activity in Europe to access local incentives and regional audiences.
An uptick in graphic-novel-to-streaming deals — not just US comics — as studios hunt for fresh IP with built-in fans.
Growth in AI-assisted worldbuilding tools used by transmedia studios to prototype scripts and bibles quicker, speeding the path from page to pilot.

Quick wins: 7-step checklist for founders pitching in 2026

Finalize a 12–20 page IP bible (English + native language).
Aggregate audience metrics and social proof into a one-page pitch deck.
Pre-clear key subsidiary rights and fix author agreements.
Create an English-language 3–5 minute visual proof-of-concept.
Map out a 2-year transmedia roadmap with milestones and budget ranges.
Reach out to agencies with a one-page “value to agency” memo (how the IP fits their slate).
Position for co-production incentives and include net effective budgets in pitches.

What this means for UK readers — a local lens

UK producers and talent are in a strong position as cross-border interest rises. UK tax incentives, post-Brexit co-production deals and a deep pool of English-speaking talent make the UK an ideal staging ground for European IP moving to global streams.

If you’re a UK-based comic creator, producer or showrunner: partner with EU transmedia studios to co-package English-friendly proof-of-concepts, leverage UK tax credits and present to agencies as a pan-European play. That combination is especially attractive to US buyers seeking English-language-ready IP with continental flair.

Final takeaway — why The Orangery’s WME signing is a canary in the coal mine

The Orangery’s deal with WME is emblematic of a structural shift. The content economy in 2026 values ready-to-adapt, transmedia-ready IP with clear rights and measurable audiences. European studios that align creative ambition with legal clarity and business savvy will be snapped up for global deals.

"Agencies aren’t just signing talent — they’re signing catalogs. That’s a new lever for value in an era when streamers are hungry for distinct, exportable IP." — industry sourcing executive (summary observation, 2026)

Call to action

Are you a creator, founder or producer sitting on European IP? Don’t wait for an agent to find you. Package your IP as a transmedia product, tidy your rights, and prepare an English proof-of-concept. If you want a practical checklist and a pitch-template tailored to UK and EU incentives, sign up for our free one-page toolkit and weekly brief on transmedia dealmaking in 2026.

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Senior editor and content strategist. Writing about technology, design, and the future of digital media. Follow along for deep dives into the industry's moving parts.