
Colin Farrell dazzled audiences with his portrayal of Oswald Cobblepot, aka Penguin, in The Batman. It's not surprising that a spinoff was ordered that is called, appropriately, The Penguin.
The Penguin is set in the same cinematic universe as Matt Reeves' The Batman, which features Robert Pattinson in the iconic role of Bruce Wayne/Batman. The spinoff series was greenlit long before a leadership change at Max led to the arrival of James Gunn and Peter Safran, who have their own plans for the DC Universe. As such, the series is considered to be part of an else-verse, a story that's set in its own time and has nothing to do with the series and movies that Gunn and Safran are developing as part of their world-building strategy.