Despite having HBO Max’s third most-watched debut in the platform’s history, “IT: Welcome to Derry” has not yet received a greenlight for the second season.

Speaking with Deadline, HBO CEO Casey Bloys provided some clarification about the lack of renewal.

“Let me say, not in limbo at all. Hardly. It was a huge success for us,” he said of the series, which was developed by Andy Muschietti, Barbara Muschietti, and Jason Fuchs.

Bloys continues, “Andy and Barbara are hard at work trying to come up with an idea...