In 2020, Paramount Global (formerly known as ViacomCBS) made a significant move by licensing the streaming rights for the highly popular series Yellowstone to Peacock, NBCUniversal's streaming platform. This decision set the stage for a dramatic shift in the landscape of television, especially with the rising influence of creator Taylor Sheridan, an actor turned prolific writer known for his Western narratives. Now, Sheridan is transitioning from his association with Paramount to NBCUniversal, eyeing what he perceives as the more lucrative prospects offered by the Comcast subsidiary.
As part of his new venture, Sheridan has signed a film deal with NBCUniversal that will commence in 2026. While his current television contract with Paramount ensures his presence until 2028, it is clear that Sheridan’s ambition aligns with the offerings at NBCUniversal, particularly on its burgeoning streaming platform, Peacock. Despite its late entry into the streaming wars, Peacock has become the unlikely home for Yellowstone, which originally premiered in 2018, two years prior to Peacock's launch.
The series Yellowstone debuted before the 2019 merger of CBS and Viacom, which subsequently rebranded as Paramount Global in 2022. Notably, it also predated the launch of Paramount+ (formerly CBS All Access) in 2021. When NBCUniversal acquired the streaming rights in 2020, Yellowstone was already averaging millions of viewers per episode, a remarkable feat for basic cable. Although the show had not yet reached its peak popularity, it was already a standout performer for the Paramount Network, which was previously known as Spike TV.
By the finale of its third season, Yellowstone had dethroned AMC’s The Walking Dead as the top series on cable television, prompting Paramount to capitalize on its success. The network greenlit numerous Yellowstone spinoffs, prequels, and sequels, effectively hoarding all multi-platform rights associated with the franchise. Upcoming projects include titles like 1923, 1883, 1944, The Dutton Ranch, The Madison, Y: Marshals, and potentially 6666. Sheridan has also expanded his creative output beyond the Dutton family saga, with shows like Mayor of Kingstown, Tulsa King, Lioness, and Landman.
Fortunately for Paramount Skydance, which retains all rights to these projects, Sheridan’s creative genius will remain under its umbrella for the next few years. Earlier this year, Paramount Global transformed into Paramount, a Skydance Corporation after billionaire David Ellison acquired control of the company, integrating it with his Skydance entity. This partnership also led to the establishment of a new studio in Texas, further solidifying Sheridan and Paramount’s collaborative efforts.
Paramount’s decision to initially license the Yellowstone streaming rights was not merely a generous gesture; it was a strategic financial move. Although they were compensated, the payment did not reflect the astronomical value the series would later command. As the show's popularity soared, Paramount found itself in a position where they had to allocate significant funds to other projects, including high-profile series from creators of shows like South Park and Stranger Things. Sheridan, known for his high production costs, became a point of contention within the company.
As former leadership under Chris McCarthy and Keyes Hill-Edgar provided Sheridan with considerable creative freedom and funding, the new regime under Ellison has reportedly experienced friction. This ongoing tension has created a unique dynamic, with NBCUniversal standing by, ready to seize any opportunities that may arise as Sheridan navigates this shift in his career. For Sheridan, transitioning from the plains of Paramount to the greener pastures of NBCUniversal may just be the next step in his remarkable journey in the entertainment industry.
