Apple is developing a limited series based on the story of WeWork for Apple TV+, its streaming service, reports Variety.
It’s based on the Wondery podcast “WeCrashed: The Rise and Fall of WeWork.” Lee Eisenberg and Drew Crevello will co-write and executive produce the project. Eisenberg served as co-creator and show runner on Apple’s “Little America” series. Crevello is a former Warner Bros. film executive who has since gone on to produce films such as “The Grudge 2.” This would mark his first TV writing credit, notes Variety.
WeWork designs and builds physical and virtual shared spaces and office services. It once had more than 5,000 employees in over 280 locations, spread across 86 cities in 32 countries. In January 2019, the firm announced it would be rebranding to The We Company, and its valuation was stated as $47 billion.
The Wall Street Journal noted that upon the release of its public prospectus in August 2019, the company was “besieged with criticism over its governance, business model, and ability to turn a profit.” WeWork lost over $2 billion in 2018. Following mounting pressure from investors based on disclosures made in its S-1 filing, company co-founder Adam Neumann resigned from his position as CEO and gave up majority voting control in WeWork as of September 26, 2019. On November 21, 2019, WeWork laid off 2,400 employees, almost 20% of its workforce.
However, the company is still growing, according to Vox. In the final quarter of 2019, WeWork leased an additional 441,000 square feet in Manhattan, its biggest market, the article says. As of the end of 2019, it was leasing a total of 8.2 million square feet in the borough, where it remains the biggest office tenant, beating JP Morgan Chase by nearly three million square feet, according to Vox.