SHOWTIME SEEMS ALLERGIC to making wrong moves, and we see the trend continuing. Formula: offer quality shows that go big (“Dexter,” “Nurse Jackie,” “Californication,” “Tudors”). If huge audiences don’t turn out, make the writing and production values strong enough that devoted fans will love it to death anyway (“United States of Tara”). So eyebrows were surely raised when venerable Showtime decided to do a reality show. But it’s one smartly positioned concept. Following up on the popular “L Word” drama series, the “Real L Word” follows the lives of, well, real lesbians in Los Angeles. That premise alone enables the show to combine risqué material (only available to a premium network) with the “Real Housewives” franchise that has spawned more spinoffs and imitators than “CSI.” We do expect a lot of “Real Housewives” fun, but with Showtime at the helm, we also expect a smartly done and (mostly) non-salacious account of its subjects’ lives. With an idea like that, let the cameras roll and get out of the way. We’re still waiting for numbers at time of writing, but frankly we don’t care – buy on “Real L,” which promises to become the first real hit in the premium-reality niche. 6/21/10.
THE MARKET: Will Showtime renew “The Real L Word”? The show premiered on June 20. Trading will close immediately after its scheduled fifth episode on July 25. If the show is renewed, shares are worth $100. If not, they’re worth $0.
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