See-Saw Films Heads on Mediawan Sale, Why ‘Tenzing’ Was Their ‘Most Challenging’ Movie Yet and the ‘World Building’ Potential of ‘Slow Horses’ and ‘The NeverEnding Story’

Less than two years ago, See-Saw Films was one of the most eligible bachelors in the industry.

Prestige tastemakers behind a library of acclaimed movies (including multi Oscar-winner “The King’s Speech,” plus the likes of “Lion,” “The Power of the Dog,” and “One Life”), the production company had moved into TV with astonishing success with shows such as “Slow Horses,” “Heartstopper” and “Sweetpea.” And yet, since being founded by Iain Canning and Emile Sherman in 2008 and with dual headquarters in London and Sydney, it had remained firmly independent.

But this bachelor status ended in March 2025 when Pierre-Antoine Capton’s fast-buying French studio Mediawan took a controlling stake, with See-Saw joining the likes of Plan B and Leonine (and later LuckyChap International, North Road and, just this week, Hello Sunshine).

Some 18 months on from the Mediawan deal and See-Saw appears just as prolific and creative as ever. The juggernaut that is its Gary Oldman-led spy series “Slow Horses” continues to move at considerable pace, with season 6 already out on Apple TV and seven and eight now in production. Netflix’s coming-of-age LGBTQ teen romance “Heartstopper,” meanwhile, drew to a close after 3 beloved seasons with a spin-off feature film. From the Australian office came last year’s series “Apple Cider Vinegar,” while the Marian Keyes adaptation “Grown Ups” — also from the team in Sydney but set and shot in Ireland — is expected to land on Netflix soon. And, teaming up with fellow Mediawan bedfellows Miraculous Corp, See-Saw has just announced the live-action series adaptation of animated smash hit “Miraculous: Tales of Ladybug & Cat Noir.”

See-Saw may have become best known for it small-screen work over the last few years, but this week comes its most ambitious movie to date. “Tenzing,” from “Sherpa” director Jennifer Peedon, releases on Apple TV following a short stint in cinemas and tells the story of the first ascent of Everest through the eyes of Tenzing Norgay (played by Tibetan actor Gendan Phuntsok), the sherpa-mountaineer who made the history-making climb with Edmund Hillary (Tom Hiddleston) in 1953. Shot between Nepal and New Zealand (whose snow-covered mountains stood in for the Himalayas), the film was, according to Sherman, an “insane production to make.”

Speaking to Variety from their east London offices in their first major interview since the Mediawan acquisition, joint founders and CEOs Sherman and Canning alongside joint managing director Simon Gillis discuss life under their new owners and the opportunities that have been brought to the table. They also talk “Tenzing” — their “most challenging” project to date —  the plans to turn “The NeverEnding Story” into a major franchise and bringing some of the same world building to their already established brands, such as “Slow Horses.” As Sherman notes: “We’re in the business of creating IP.”

It’s been more than 18 months since the Mediawan acquisition. What’s changed? What hasn’t? What’s been the biggest surprise?

Emile Sherman: I think the first thing to say is that it’s a scary thing to do a deal and sell a chunk of your company. We’d never done that before, so didn’t really know what to expect or how it was going to play out. But I guess there’s a real alignment on taste and quality, and they just have a real hustling energy, which very much meets ours. And then they really fueled and expanded our ambition, which is what we hoped for. And that’s across formats. We’ve got “Miraculous,” but there are actually a range of formats that we started working with them on, some really exciting ones, and they’re actively looking for opportunities between their companies. There’s the Entourage deal which has been announced, which is a way of expanding our ability to greenlight our own productions, which is really exciting. We’ve got the show “The Great White,” which has come out of the Australian office, where they’ve come on as the sales distribution arm and found co-commission opportunities, put in finance, and I guess really proven out that side of their commitment and promise to us.

Iain Canning: I think we sort of hoped for and didn’t know quite the level of how much they would fuel our creativity. We’ve always been a company that’s wanted to be the home of creativity in many ways, but the relationship with Mediawan has really fueled that. They are so passionate and energizing, as a group of people, and also the other companies are all smart and energizing.

Simon Gillis: I think the fact that because Pierre-Antoine [Capton, Mediwan CEO and co-founder] came from being a producer rather than a business person, he really gets the alchemy of production and the risk-taking that goes into it. And he really appreciates — as does Élisabeth [d’Arvieu, Mediawan group chief content office] —the creative process and wants to create a safe space for it. So I think we’ve been heartened by the other companies that have been brought into the group since See-Saw. And we’re very excited about North Road now being part of the group and what that means in terms of opening up opportunities for us in the U.S.

Mediawan is based in France, See-Saw is based in Australia and the U.K. Has that additional time-zone culture changed anything in how you run things or just the day-to-day business?

IC: We’re [Mediawan’s] first media company in Australia. They’re very excited about having that footprint.

ES: They were interested in Australia even before See-Saw. One of the challenges of you know going out to the market was to try to find a home that didn’t just appreciate U.K. television, but appreciated Australian television and appreciated film, and I think we’re an unusual company in being able to straddle the different continents and different formats. Time zone-wise, that’s the bane of our lives. Luckily, France fits slightly in between. Obviously, it’s easier here, but Elizabeth and Pierre are also spending a lot of time in Los Angeles as well.

You’ve had some recent management exec changes. Patrick Walter [producer of “Heartstopper” and “See-Saw”] left a while ago, but then Helen Gregory (joint managing director) departed recently. Can provide any context behind those changes?

IC: Patrick was with us for 14 years. He absolutely put in the work. It was still a loss. But we adore him. We’ve got a relationship with him going forward on a few projects. But he really did incredible things at See-Saw, taking “Heartstopper” all the way right through to the film with so much passion, and really grew at the company in that way. So we’re very proud of his work here. Helen was with us for five years. I think we’re about to have, in terms of work going out, our busiest time. So she really has got us into a fantastic place, with the real focus being on returning television, which is what’s been coming out.

ES: It’s been a very transformative five years. I think when Helen joined, “Slow Horses” was just starting, as was “Heartstopper.” So I think that’s been the journey of proving ourselves. Getting the first season of a show greenlit is incredibly difficult. But making a show, delivering a show, and then setting a show up for success with returning seasons… to be in eight seasons of “Slow Horses.” It’s making sure that when we set a show up, we’re setting a returner up to return and to succeed, not just chasing green lights and then burning them and making them un-returnable. So I think that’s really the legacy of Helen.

It feels like it’s been a while since we’ve had sort of a big See-Saw feature film and “Tenzing” is a pretty epic way to return to the big screen. What’s the connective tissue between that and the other See-Saw films you’re renowned for such as “The King’s Speech,” “Lion” and “Power of the Dog”?

IC: From “The King’s Speech,” “Lion,” “Operation Mincemeat,” “One Day”… we’ve always been drawn to extraordinary stories where we can find them. This is an extraordinary story told from a different perspective than it’s normally told. It’s also been, logistically, a really complicated and demanding film. But it was really led by Jennifer Peedom, the director, who is a first-time narrative feature film director. She just really wanted to have that authentic feel of being on the mountain. But we love extraordinary true stories. We love stories about outsiders, which is probably very true for those two TV shows as well. So feels very much in the type of project that Seesaw would make,

ES: We’re quite relentless as filmmakers in terms of trying to get the most out of every story and really realize the emotional potential of these big journeys. And no one went on a bigger journey than Tenzing Norgay, from this real impoverished and outsider upbringing to I guess one of the most globally celebrated heroes of the century. So what we love is to try to take a story like that and give it the full heart and emotional richness it deserves. It was an insane production to make. Like these things are known in retrospect, but we didn’t know it at the time. This is definitely our most challenging production. Other studios had looked at it and felt that it was just not something that was achievable.

You’ve had phenomenal success with your films and won countless awards. Does that add any extra pressure to a project like “Tenzing”?

IC: No, because I do think Jennifer Peedon’s done an extraordinary job. The amazing thing about “Tenzing,” in terms of Jen’s direction, is that the logistical challenges of it are all invisible in front of the camera. Yes, there is the expedition and the sort of peril and problems that come with that. But in terms of being able to work with actors, deal with complicated conditions, and also pull off a beautiful piece of filmmaking, I think she’s done an extraordinary job. And, as I said, it is her first narrative feature.

ES: I think the logistical challenges, in a way, are what gives the film integrity. The priority was always to make a film that felt like you were on the mountain, and the resources and the structuring of the film, production process all circled around that. It’s very hard to define what makes a film not just good but give you goosebumps. And I think that’s where it comes from in this film. It’s like you’ve really gone up Everest with with Tenzing and Hillary.

How high did you get up the mountain?

Not as high as Everest! But the lead producer was saying that normally on a production, someone will come up and sort of touch the director on the shoulder and say, “We’re running out of time” but on this it was, “We need to get off the mountain.” It was safety first.

Did you yourselves get up there as producers?

ES: I was in Kathmandu, but I didn’t go up. In New Zealand it was really just helicopters carrying key crew up and back. Sometimes there’d be clouds coming in and we’d have to leave in two minutes. We’ve got to leave in two minutes. But our actors were harnessed to the mountain.

IS: As not huge mountaineers ourselves, there are two great things that come out of making “Tenzing.” One is understanding that urge. I’m really fascinated with what it is inside someone to make them want to achieve something like that. But secondly, hopefully, people will feel the experience of climbing Everest so they won’t have to do it themselves.

I have to ask about “The NeverEnding Story.” The new film adaptations were announced more than two years ago. What’s the latest there?

IC: We’re very much on our timeline! What I can say is that the richness of adapting this novel is extraordinary. You dream of being involved in a project like this. You go through this quite rigorous process in order to become the partners of Michael Ende Productions, and they’ve been really fantastic. But you then get to go through the development process and you get to go into the story itself, which is a celebration of creativity. Which I guess brings us back to what we’re saying about the company and what Mediawan have been helping us in terms of fueling. But just being able to go to Bastian’s world and the world of Fantastica and developing that out for a contemporary audience in a four quadrant way has been a lot of my focus and been a lot of fun. So that’s as much as I possibly can say. But we are on track. We’re on schedule, and then we’re going to develop it out and then take it to market when we’re a little bit further along.

You’ve got a creative team, there are writers on board?

IC: We have finalized the creative team, yes!

So you have a director lined up?

IC: We have finalized the creative team. Ha!

The Mediawan deal came after “The NeverEnding Story” was announced. Has that changed or broadened the scope of what you plan to do?

ES: As a global studio, they want to own and control IP and fantastic IP and “The NeverEnding Story” is a bullseye. So this is very much at the heart of what gets them excited.

SG: And it’s great that we have the estate coming with us on the journey. We did a deal where we get to participate not just in the films but in the success across all of those different verticals. So hopefully, it will have a sort of NeverEnding franchise life across lots of different media and business models — and it’s great that we’re part of that.

You recently signed a $50 million film finance partnership with Entourage. Has anything come out of that yet?

IC: The Entourage deal does shift things in terms of our own slate and also potentially teaming up in the way that we have previously on film projects with other producers. It just gives us a fast track to green light, which when in a market, both in television but especially in films, is getting harder and harder just gives us the ability to be able to focus and find these commercial crossover projects. And either through our own slate or through partnering up with another producer or production company, we can just fast track it into production.

“Slow Horses” has become a phenomenon. But the speed in which you’ve been making the show has been insane. The 6th season is on screens now and the 8th has just been announced. That’s a rarity in this world where normally people have to wait two, three years for the next season. But how did that speedy pipeline come about?

IC: It was a very challenging first shoot because it was during COVID and during a moment of really high testing and challenges. But the production team here, led by Nicky Earnshaw, has been extraordinary. And we then just found that the show grew and grew and grew every season, and people fell in love with the characters. Someone said to me recently, “It’s like all of your friends have shown up again — every season feels like you’re back with your gang.” And I do feel just walking around, that people really are obsessed with the show, which has been really super exciting.

SG: With “Slow Horses” we’re either in development, production, post delivery … or awards. But hats off to Jay Hunt at Apple, because so much is down to having the faith to do those double commissions from the off. To build it that way has been really helpful in terms of that pipeline. And Gary [Oldman] and the cast’s willingness — and Doug [Urbanski], one of our EPs and Gary’s manager — have been a huge part of building the train set.

IC: I think Doug was was very smart in identifying that consistency of every year there being six episodes for people to enjoy — it just creates a rhythm with an audience that is satisfying, rather than sometimes having to wait two or three years to get the next season. I think that reliability of the show is something we’re very proud of, but I think also builds up an audience connection.

Season 8 has just been greenlit. Could you go beyond that?

IC: I couldn’t possibly say.

A lot of your work is from book to screen, like “Slow Horses” and “Heartstopper.” With the race for IP, do you have plans on building on the slate? You’ve got these huge brands, but is there life beyond TV for something like “Slow Horses” and going down the route of experiences, films, spin-offs etc.

ES: Yeah, absolutely. We’re in the business of creating IP. Part of the benefit of Mediawan is that we have access to formats and other companies who we can translate from other cultures and languages. We create our own IP. “The Great White” is a creation from the ground up, and we invest a huge amount of money in optioning and building IP. So we’ve got some stage plays that we’re looking at as well as spin-offs of some of our projects. And games. And obviously, with “The NeverEnding Story,” to be able to build it from the ground up as a partnership to not just make movies, but to really be able to think about it holistically as world building. So that’s got to be at the center of what we do.

So any conversations on where to take “Slow Horses” next?

IC: We are focusing on seasons 7 and 8. Ha!

See-Saw turns 20 in 2028. Any big plans?

IC: So much of the team have been a part of the story for such a long time. We had a celebration at year 10, which was pretty extraordinary. I think we’ll just try and keep on making great work.

ES: There’s also naturally a real interchange in the teams between the U.K. and Australia. Layla Zhang has come over to the UK. We have Maddie Drig from Business Affairs who spent some time in Australia. Shay Spencer, who runs Picking Scabs with Sam Strauss, is working so closely with the team here on “Grown Ups” that it really is one company.

IC: But the glorious thing about that 10 year anniversary, which I’m looking forward to at 20 years, is actually getting us all together. Even on “Tenzing” in Toronto, just getting the teams together in one space to celebrate all of the effort and all of the work is very, very special. So if we can do that in a way where everyone’s brought together to celebrate all that we’ve achieved together in the 20 years, that will be a very special moment for us.