Yellowstone Creator Taylor Sheridan Is Leaving Paramount (But There's A Catch)

Paramount has been making some big swings lately following its merger with Skydance, but one particular bit of fallout could end up costing the studio its biggest and most reliable creative. As much as major IPs such as "Star Trek" and "Transformers" and the "Mission: Impossible" movies have helped Paramount keep the lights on over the last several years, arguably none have had a greater impact than the television empire built by Taylor Sheridan. From "Yellowstone" (and all its various spin-offs) to "Landman" to "Lioness," the Western-obsessed writer, creator, and occasional actor has done nothing but churn out one hit after another, turning the Paramount+ streaming service into the place to go for those craving some thrilling, star-driven throwbacks to the Hollywood of old. But that might be coming to an abrupt end, if one report is to be believed.

According to Matt Belloni's latest bombshell in his Puck newsletter, Sheridan is setting his sights elsewhere — just as soon as his current deal with Paramount expires after 2028, that is. And, apparently, the new regime change at the top of Paramount is a key reason why. With David Ellison now calling the shots as its CEO (and making all sorts of bold acquisition bids, with Warner Bros. Discovery seemingly at the top of his list), Belloni describes Sheridan as "disappointed" when several studio executives he'd worked with on his various shows were let go or pushed to the sidelines following Ellison's installation as CEO. What's more, new Paramount+ overseer Cindy Holland has reportedly "questioned" the budget levels that Sheridan has traditionally enjoyed on his various productions to this point.

Combined with overtures made by rival studios, all of this adds up to Sheridan deciding to take his talents elsewhere — shockingly, to the greener pastures of NBCUniversal and Peacock.

You don't get to the top of a shiny new studio without alienating a few creative talents along the way, as David Ellison is now founding out. The simmering feud between Taylor Sheridan and former "Yellowstone" star Kevin Costner pales in comparison to this development, which will see one of television's biggest powerhouses switching sides like an NBA athlete leaving his hometown to form a super-team elsewhere. Sheridan has reportedly signed a "massive deal" with NBCUniversal, extending for nearly eight years beginning in March of 2026. This reportedly includes a five-year overall deal for TV, which kicks in after his Paramount deal expires in 2028 and basically binds his services exclusively to NBCUniversal and its two major platforms: the Peacock streaming service and the NBC channel.

While Belloni indicates that this will give Sheridan a significant pay raise, the true appeal was apparently chairwoman Donna Langley. She has ushered in an influx of A-list filmmaking talent over the last several years, including Steven Spielberg, Jordan Peele, and, famously, snatching Christopher Nolan out from under Warner Bros.' nose. According to the report, a meeting about movie prospects, in addition to his TV work, may have put NBCUniversal at the top of his list:

So, as the film talks progressed, Langley inquired about Sheridan's plans for TV after '28. He's said to have seen in Universal a place where he would be treated like an elite filmmaker while also producing the kind of elevated TV serials for which he has become known. Shortly thereafter, Langley and her top dealmaker, Jimmy Horowitz, were hammering out a macro arrangement for all of Sheridan's output as it becomes available.

Thus, after 2028, Universal will become the new home for all things Taylor Sheridan.