Sky and HBO are set to take a minority stake in Bad Wolf as the first investment in the two broadcasters’ co-production deal.

The deal will see Bad Wolf , the production company set up by Jane Tranter and Julie Gardner in 2015, formalise its role to supply high-end, large-scale drama for Sky and HBO’s $250-million multiyear co-production partnership, which was unveiled in April.

“Sky and HBO share a common creative culture, and this deal deepens our relationship and maintains our leadership position in world-class content,” said Gary Davey, managing director of content at Sky. Davey will join Bad Wolf’s board at part of the deal alongside Glenn Whitehead, HBO’s executive vice president of business and legal affairs.

“Our experience working with Bad Wolf on ‘The Night Of’ laid the groundwork for what I know will be a very fruitful production partnership alongside our friends at Sky, one that will reflect our common ambition for producing television of the highest quality,” said Casey Bloys, programming president at HBO.

Bad Wolf is currently in production on A Discovery of Witches for Sky, starring Matthew Goode and Teresa Palmer, as well as in pre-production on a television adaptation of Philip Pullman’s His Dark Materials series of novels. Tranter said the synergy between the two broadcasting giants perfectly matched the transatlantic ambitions she and Gardner have for Bad Wolf.

Sky and HBO announced “Chernobyl” as the first production under their co-production deal late last month.

Bad Wolf recently opened a new studio complex, Wolf Studios Wales, in Cardiff with backing from the Welsh government. Len Blavatnik’s Access Entertainment took a 24.9% stake in the company in March this year.