Apple TV+ has officially brought its most-watched drama series completely in-house. The tech giant finalized a deal late last year to acquire the full intellectual property and global rights to Severance from independent studio Fifth Season, paying a price just under $70 million .
The transaction, first reported by Deadline, transfers production duties from Fifth Season to Apple Studios. Fifth Season now steps back into an executive producer role. This move follows the exact same playbook Apple used when it took over Silo from AMC Studios after its first season .
With the dystopian workplace thriller now fully owned by Apple, the company is not just securing the current award-winning run. The deal sets the stage for a longer commitment. Reports confirm a fourth season is locked into Apple’s plans, and both creator Dan Erickson and executive producer/director Ben Stiller are open to expanding the universe with prequels, spin-offs, and international versions .
Why Apple Bought the Show: The Heavy Financial Weight of Season 2
The decision to buy Severance was not about creative differences. It was about money—specifically, the enormous financial pressure the second season put on Fifth Season.
Severance is one of the most expensive shows on television. Season 2 reportedly cost as much as $20 million per episode . Production on the 10-episode season started in October 2022 and did not wrap until April 2024. The lengthy delay came from multiple directions: extended Covid-19 protocols, an eight-and-a-half month shutdown due to the 2023 Hollywood writers and actors strikes, reported friction in the writers room, and multiple script changes that forced the crew to scrap already-built locations and carry out expensive reshoots .
Beyond the production costs, the financing environment turned against Fifth Season. Borrowing rates jumped from 1% to nearly 6% , making it far more expensive for the indie studio to carry the show’s budget for the 36-month gap between seasons. Delays in New York state tax credit payments added more cash flow pain. At one point, Fifth Season considered moving production to Canada to secure faster and larger rebates, a move that could have changed the visual identity of the Lumon Industries hallways fans recognize today .
Fifth Season reportedly lost money on both the first and second seasons. Had the show been canceled after two seasons, the studio would have finished in the red. Because the series is continuing, the sale to Apple allows Fifth Season to finally turn a profit through producing fees and the rights sale .
Apple, which was already acting beyond a typical licensee’s role, assessed the situation and concluded it was better positioned to absorb these costs. The company also has a first-look deal with Stiller’s Red Hour Films, making it logical to bring the signature project closer to home. Apple approached Fifth Season with a buyout offer that sources describe as one the independent studio “could not refuse” .
What the Deal Changes: Scripts, Schedule, and Staying in New York
For viewers, the ownership change will not alter the eerie tone or the slow-burn storytelling. But behind the camera, it changes everything about how the show operates.
Apple Studios now controls the budget and production timeline. This gives the company the flexibility to wait for New York tax credits without pressuring the crew to relocate for faster cash. The series will remain filmed in New York, keeping its established footprint and aesthetic intact .
More importantly, Apple and Stiller are applying hard lessons learned from Season 2. The goal for Season 3 is to avoid shooting without a complete set of scripts. During Season 2, filming started while writers were still finishing later episodes. When changes were made to episodes down the line, it forced adjustments in already-completed footage, leading to costly shutdowns and reshoots .
For Season 3, the plan is different. Six scripts are already finished. Episode 7 is in the outline stage. Stiller and Apple intend to have all scripts finalized before cameras roll, even if that pushes the start date past the current target .
Ben Stiller will not direct Season 3. The role of producing director will go to Kogonada, the filmmaker behind Apple TV’s Pachinko. Stiller remains heavily involved as an executive producer through Red Hour Films, but he is currently busy filming another Apple series, The Off Weeks .
Season 3 Filming Window and Release Realities
Apple is aiming to begin production on Season 3 in summer 2026 .
This timeline is tentative. Sources say the start date will likely shift a few weeks later as script work continues. Erickson and his team are taking a meticulous approach. “We have the overall shape in mind,” Erickson told Gold Derby in August 2025. “We have a pretty good sense of where we want to land. But it’s always been going into each season there’s usually a pretty solid starting point and end point. And then we interrogate that” .
If filming begins in mid-to-late 2026, post-production on a show with heavy visual effects and intricate editing will take considerable time. A realistic release window for Season 3 points to late 2027 or early 2028 .
Season 4 Is Confirmed; Season 5 and Spin-Offs Are on the Table
Season 4 is not just a hope—it is a lock.
Multiple sources confirm Apple’s internal planning includes a fourth season as a firm commitment. Erickson and Stiller have publicly stated they envision the series running for three to four seasons, and Apple is fully supportive of that target .
A fifth season is less certain. According to sources, Erickson and Stiller currently do not think the main story requires five seasons. However, both are open to extending the Severance universe beyond the core narrative. Ideas being discussed include:
- Prequel stories exploring Lumon Industries’ history or the origins of the severance procedure.
- Spin-offs focusing on secondary characters or different departments within the company.
- International adaptations, remaking the concept for audiences in other countries .
Apple sees value in this approach beyond just storytelling. With nearly three years between Seasons 1 and 2, the company recognizes the risk of audience disengagement during long gaps. A smaller-scale offshoot released between main seasons could keep the fandom engaged while also increasing the franchise’s overall value. This mirrors the strategy Van Amburg and Erlicht previously executed at Sony with Better Call Saul following Breaking Bad .
The Numbers That Made Severance Too Big to Leave Outside
Severance is not just a critically admired show. It is Apple TV’s most watched series of all time, a title it took from Ted Lasso during its second season run .
The series received 27 Emmy nominations in 2025 and won eight awards . Apple CEO Tim Cook personally appeared in promotional material for Season 2, underscoring how high the show’s visibility reaches within the company .
For Apple, owning Severance outright removes the risk of a bidding war or distribution conflict down the line. It guarantees that future seasons, potential spin-offs, and the entire library remain exclusive to Apple TV+ permanently.
For Fifth Season, the sale represents an exception to their usual business model. The studio remains one of Apple TV’s top outside suppliers, with other shows including See, Truth Be Told, Lady in the Lake, and the upcoming The Savant still under their purview .
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The Bigger Picture: Apple Studios Grows Up
Apple TV+ launched in 2019 by leasing series from outside studios, similar to how Netflix started with House of Cards and Orange Is the New Black. That strategy allowed the platform to scale quickly. But from day one, executives Zack Van Amburg and Jamie Erlicht planned to build an internal production engine .
Six years later, Apple Studios now produces about half of Apple TV’s slate . The Severance acquisition accelerates that transition. It secures a tentpole property that defines the platform’s brand—prestige, high-concept, visually cinematic—under permanent in-house control.
The first two seasons of Severance are available to stream now on Apple TV+ . Season 3 is in active preparation, with a clear goal: deliver the story fans are waiting for, without repeating the painful delays of the past.
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