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Fifth Season Closes $500 Million Credit Facility Led By J.P. Morgan

November 14, 2025

EXCLUSIVE: Fifth Season has closed a new five-year, $500 million credit facility led by J.P. Morgan, extending a longstanding partnership.

The indie studio behind hit Apple TV series Severance and 2025 films Friendship and Nonnas said it secured “best-in-class terms” for the five-year renewal.

“We are incredibly appreciative of the continued confidence our financing partners have in Fifth Season’s growth, vision, and creative ambition,” said CFO and COO Kasee Calabrese. “Their support has allowed us to produce and finance more than 100 seasons of television, movies, and documentaries that have won awards, moved audiences, and impacted culture.”

Fifth Season nabbed 36 Emmy nominations and eight wins in 2025 with 17 films and series premiering in theaters and across major streaming platforms. The 2026 slate includes Rose Byrne and Meghann Fahy-led The Good Daughter (Peacock) and East of Eden starring Florence Pugh and His & Hers starring Tessa Thompson (Netflix), as well as films You Deserve Each Other with Fahy (Amazon MGM) and Jean-Michel Basquiat biopic Samo Lives with Kelvin Harrison Jr. and Jeffrey Wright and Ben Affleck’s Animals (Netflix).

“We are thrilled to continue our relationship with Graham, Kasee, and the Fifth Season team with broad support from the entertainment banking community,” said David Shaheen, head of media & communications for J.P. Morgan’s Global Corporate Bank. He said the company has “quickly emerged as a world-class independent studio.”

Fifth Season was formerly Endeavor Content, the WME and IMG film and scripted TV finance and sales operation led by then co-CEOs Chris Rice and Graham Taylor that was spun off in 2017. It changed its name to Fifth Season after selling a majority stake to Korea’s CJ ENM in 2022. Toho Studios is also a minority owner. In September, Rice announced he planned to depart at the end of the year with longtime partner Taylor becoming sole chief executive. Rice has a first-look deal with the company and remains an adviser.

Last month, it extended and expanded its partnership with Erik Feig’s Picturestart, where Fifth Season is an investor and Taylor sits on the board.

Fifth Season develops, produces, finances and distributes films, series and documentaries with projects including 80 for Brady, Book Club and The Lost Daughter and series Nine Perfect Strangers, Omnivore, Chief of War, and Tokyo Vice. It has production hubs in North America, Europe and Asia, and its global distribution arm handles a third-party library of hundreds of titles including hit series Killing Eve, Normal People, The Morning Show and The Night Manager. The company is headquartered in Los Angeles, New York and London with offices worldwide.