A Malaysia animation company seek my advise recently. Hope the discussion is useful to you too.
If you co produce a series (one season) with an overseas partner. Let’s say it is his IP. Both of you invest in producing the series at 70/30. But you did not invest in developing the concept or IP at the early stage. It can mean that the revenue from the series (season 1) is split between both of you at 70/30. But not necessary means the IP ownership is split between both of you at 70/30. Depending on earlier negotiation. Meaning if you do not invest in second season. You might not gain a single cent from it later. So on the negotiation table. Handle it properly.