In their first investment under a $250M co-production pact, HBO and Sky have taken a minority stake in and seats on the board of Bad Wolf. The UK/U.S. production company was founded by Jane Tranter and Julie Gardner in 2015. Today’s deal will formalize their role in supplying content for the HBO/Sky partnership which is aimed at funding large scale dramas for the international market.

Sky and Bad Wolf are already working together on the Sky Original Production A Discovery Of Witches, the adaptation of Deborah Harkness’ historical fantasy novel.

Bad Wolf also co-produced the Emmy, BAFTA and Golden Globe nominated series The Night Of for HBO. Other major drama series currently in pre-production include the adaptation of Philip Pullman’s novels His Dark Materials.

As part of their investment, HBO and Sky will be represented on the board of Bad Wolf Productions by Glenn Whitehead and Gary Davey. Access Entertainment also has a 24.9% stake in Bad Wolf.