Flappity flippers! Just as the franchise turns 20, Octonauts is starting a fresh chapter with new ownership in place.

China’s Wanda Studios has officially gained full control of the hit preschool IP after completing its acquisition of Vampire Squid Productions (VSP), the rights-holding company for the property.

The deal has been in the works for several years, and followed a lengthy legal saga. Wanda originally acquired a 51% stake in VSP in 2017, while 49% was owned by Silvergate Media, a production company that Sony Pictures Television bought in 2019. 

When Sony’s Columbia subsidiary moved to offload that remaining 49% stake to Wanda, according to the option terms of the original agreement, they valued it at US$87.4 million—a price that Wanda disputed. The price was reduced to $49 million, but Wanda failed to pay or attend a scheduled sale completion in February 2024, arguing that it was waiting on regulatory approvals from China. Sony sued to force the sale to go forward, and last summer, the High Court in London ruled in favor of Sony. The transaction finally closed earlier this year. 

Wanda will now serve as the sole operator of Octonauts, holding all global rights spanning distribution, consumer products and licensing. Terry Chow (Wanda Studios VP and the chief operating officer of VSP) will spearhead global franchise strategy, partnerships and expansion for the brand—and he’ll work closely with Michael Ikeda, Tai Truesdell and Simon Swart of HomeWorld Entertainment, which is partnering with Wanda to help grow the franchise.

The show’s new batch of episodes, which had been completed by Sony Pictures Television Kids and Mainframe Studios, includes seasons seven and eight (52 x 11 minutes each). Wanda said that it’s in talks with various international buyers to find the right global home. The BBC, which has been a longtime licensing partner for the franchise, has already picked up and started airing the seventh season.

Wanda is also planning a multi-segment push for the IP, and intends to grow Octonauts through new deals in toys, games, publishing and live experiences. VSP will have a booth at Licensing Expo in Las Vegas in May to connect with potential licensing partners.

It’s not yet known which studio will produce the show going forward. Sony Pictures Television Kids is not expected to continue.

The thriving Octonauts franchise has been described as Star Trek for kids, and follows an adorable animal crew of underwater explorers. It’s a strong performer on YouTube, with more than 2.2 billion views, and is ranked among the top 10% most in-demand children’s shows globally by Parrot Analytics. It debuted as a picture book in 2006 and made the leap to screens with a popular CG-animated series in 2010, followed by a Netflix spinoff called Octonauts: Above & Beyond.