5 hours ago

Lee & Thompson’s Sam Tatton-Brown on De-Risking the Greenlight and Co-Commissioning Strategies

Film Financing Sam Tatton-Brown of Lee & Thompson

In this LeaderSpeak episode, Sam Tatton-Brown, Partner at Lee & Thompson, explores the financing of hits like The Apprentice and Prima Facie. From the firm’s roots with Queen to modern “Frankenstein” structures and the “60% budget shave,” Sam provides a masterclass on navigating today’s high-stakes production landscape.

In TV land, the reality is that there is a need for third party sort of equity to come in, but they don’t have the visibility of projections that you would normally expect.…That’s just nuts. It’s like turning up to a room of high net worth individuals… but then not giving them the financials.

Podcast Chapters

Timestamp	Topic
02:16	Overview of Lee & Thompson and Its Evolution
05:17	Sam’s Journey into Film and TV Law
10:09	The Changing Landscape of Film and TV Financing
21:49	Impact of Streaming on Production and Budgets
23:27	Current State of UK Broadcasters and Co-Commissioning Trends
35:04	Exploring Deal Structures in Film and TV Financing
44:55	The Challenges of Execution in Film Projects
54:24	The Importance of Portfolio Management in Film Financing
01:06:11	Current Trends in Debt Financing for Film and TV
01:07:17	Emerging Debt Financing Sources
01:13:20	Opportunities and Challenges in International Tax Credits
01:21:36	Navigating Security and Due Diligence in Film Financing
01:24:57	The Impact of Streaming on Box Office and Revenue Models

Key Takeaways:

Financial Evolution: TV financing has shifted from simple 100% broadcaster commissions to complex “patchwork” plans involving tax credits, pre-sales, and equity.
Budget Inflation: The streaming “gold rush” exploded production costs, with high-end TV budgets now reaching £5M–£15M per hour compared to under £1M in 2000.
The “Middle” Crisis: Mid-budget projects are struggling, leading financiers to advise producers to shave up to 60% off budgets to remain viable in the current “tunnel”.
Validation through Co-Commissioning: Streamers increasingly rely on traditional broadcasters like the BBC or Sky to provide “branding” and confidence before greenlighting major projects.
Execution Risk: Unlike physical infrastructure, film is a high-risk asset where financial success depends entirely on the unpredictable chemistry of creative execution and performance.

In the past, terrestrial broadcasters like ITV would often cover 100% of a production budget. Today, due to budget inflation, producers must assemble “patchwork” finance plans involving broadcaster licenses, distribution advances, tax credits, and pre-sales.

Sound Bites:

On the New “Patchwork” Reality: “Producers are having to build patchworks of finance plans; it’s no longer as simple as the meerkat advert goes.
On Broadcaster Validation: “It isn’t quite ‘schmuck insurance,’ but streamers feel safer knowing the BBC thought it was a winner, too.”
On A-List Couch Time: “TV isn’t a training ground; A-list talent now spend more waking hours on a viewer’s couch than with their own spouses.”
On Execution Risk: “Unlike building a bridge, you can have a perfect script and cast, but if there’s no chemistry, the value vanishes.”
On the Budget “Tunnel”: “The industry is in a tunnel—the only way through is to cut budgets in half and shave off 60% until things stabilize.”

Projects Mentioned in this Episode

Queen , The Spice Girls , One Direction, Harry Potter (reference to David Heyman) , Dangerous Liaisons , Midsomer Murders , The Sopranos , Breaking Bad , Brassic , The Apprentice , Adolescence, Boiling Point, Prima Facie

Why Partner With Lee & Thompson

Elite Media Specialization: They are a boutique powerhouse dedicated exclusively to media, technology, and the creative industries since 1983.
“One-Stop Shop” Expertise: The firm provides full-lifecycle support, from rights acquisition and “patchwork” production finance to litigation and brand protection.
Unrivaled Finance Understanding: As the UK’s largest specialist team, they have a deep technical grasp of complex deal structures like the 2004 “Terms of Trade” and modern tax credits.
Powerful Industry Network: They act as strategic “matchmakers,” leveraging a global network to connect producers with the right financiers and platforms.
Proven High-Profile Track Record: Their history ranges from representing legends like Queen to financing modern hits like The Apprentice and Prima Facie.

Core Themes of the Podcast

Lee & Thompson: The Architects of Creative Commerce

Established in 1983, Lee & Thompson is the UK’s leading boutique law firm dedicated exclusively to the media, technology, and creative industries. From representing legendary icons like Queen and the Spice Girls to financing modern hits like The Apprentice and Prima Facie, the firm provides elite, full-lifecycle support for world-class talent and production powerhouses. As the largest specialist team in the UK, they are the industry’s premier “matchmakers,” bridging the gap between creative vision and complex global finance.