Apple Acquires Severance in $70M Deal, Bringing Hit Series Fully In-House

Apple TV Plus is officially bringing one of its biggest hits fully in-house. After producing its first two seasons under independent studio Fifth Season, Severance will now be produced by Apple Studios. In a deal finalized late last year, Apple acquired the intellectual property and all rights to the Emmy-winning drama for just under $70 million, with Fifth Season remaining attached as an executive producer.

The move mirrors Apple’s earlier transition with Silo, which shifted from AMC Studios to Apple Studios after its first season. Now, Severance becomes a marquee, fully owned title within Apple’s expanding studio portfolio. When Apple TV Plus launched in 2019, the streamer relied heavily on outside studios to rapidly build its content library. Over time, executives Zack Van Amburg and Jamie Erlicht have focused on building Apple Studios into a powerful in-house production engine. Today, roughly half of the platform’s slate is produced internally.

Bringing Severance in-house offers Apple greater financial flexibility and long-term control over one of its most ambitious and expensive series. Season 2 reportedly cost up to $20 million per episode across its 10-episode run. Production stretched from October 2022 to April 2024 and faced pandemic protocols, strike shutdowns, rewrites, and reshoots. Rising borrowing costs and delays in New York tax rebates added additional pressure. Owning the series outright allows Apple to better manage costs, absorb delays, and maintain production in New York, where the show has established a creative infrastructure.

Despite the challenges, Severance delivered strong results. Season 2 became Apple TV Plus’ most watched series at the time and led the 2025 Emmy nominations with 27 nods, ultimately winning eight awards. Viewership reportedly doubled compared to Season 1, a notable achievement given the nearly three-year gap between installments.

Created and showrun by Dan Erickson and executive produced and directed by Ben Stiller, the series is recognized for its cinematic scale, layered mythology, and heavy visual effects. Stiller’s meticulous approach has defined the show’s tone and visual identity, though it also adds complexity to production.

The series has already been renewed for Season 3, with a fourth season reportedly part of Apple’s long-term roadmap. Erickson and Stiller have previously outlined a three-to-four-season arc, suggesting a defined creative endpoint rather than an open-ended run. Apple is targeting a summer production start for Season 3, though filming will begin only after scripts are fully locked to avoid the costly rewrites that impacted Season 2.

The acquisition also aligns with Apple’s broader performance strategy. In 2024, the company introduced a compensation model for Apple Studios productions that ties bonuses to subscriber growth and viewership relative to cost. Fully owning Severance gives Apple greater upside potential as the platform competes in an increasingly crowded streaming landscape.

With 17 series and 10 films now produced under Apple Studios, including Palm Royale, Your Friends and Neighbors, and Oscar-nominated features such as Killers of the Flower Moon, Apple is clearly consolidating its premium content strategy. Severance now stands as a cornerstone of that portfolio and a key asset in Apple’s long-term streaming ambitions.