Pennywise is evil incarnate and arrived on Earth sometime after the dinosaurs died out but before the ice age, terrorizing the area ever since.
While it's briefly explored in both IT and IT 2 (especially the latter), Pennywise has been a central figure in Derry's history as a small Maine town. Writer Jason Fuchs ( Wonder Woman) is confirmed to be working on the show along with Shelly Meals ( Shadow and Bone). The upcoming TV show recently opened up the writer's room, and the series is going to be set during the 1960s.
It was first announced in March of 2022 that a prequel series to Muschietti's IT would be rolling out on HBO Max called Welcome to Derry.