Howdy, folks. This week, I'm taking a deep dive into the current kerfuffle over at Paramount. Specifically: Breaking down the reasons why I fully believe the network is leaving Yellowstone fans out to dry, and exploring how Paramount might follow in Warner-Discovery's embarrassing and soon-to-be-defunct footsteps.
Since Taylor Sheridan's popular Western series ended in December, news about the road ahead for the franchise has trickled out of every source besides Paramount itself. Four spin-offs are currently in development—though none have a firm release date or even official confirmation from the network. Even the actors appear clueless to the plots and titles of their own shows. Well, turns out there may be a legal reason for the holdup. Surprise, surprise! It involves a costly merger, a lawsuit with Donald Trump, and a mysterious CEO shakeup.
The Merger
Before we add POTUS to this mess, let's take stock of the state of Paramount today. On the outside, the company is doing relatively well. Sheridan's slate drives Paramount+ subscriptions, alongside shows like MobLand and The Agency. Plus, the studio has a recent win in Mission: Impossible – The Final Reckoning's performance at the box office. And, of course, CBS is one of the most-watched television networks in the country.
And yet, controlling shareholder Shari Redstone is looking to merge Paramount with Skydance Media in an $8-billion sale to Skydance CEO David Ellison. The Redstone family, as it just so happens, took on a massive amount of debt through their various holdings at Paramount Global. It's a complicated story. For today's purposes, just know that Redstone is waiting for regulators at the Federal Communications Commission (FCC) to approve the company's merger and save her family's fortune—but it's taking a bit longer than expected. In the meantime, Paramount laid off "several hundred employees" this week as a cost-cutting measure, per Variety. The move follows the departure of around 2,000 employees laid off in the summer and fall last year.
The Lawsuit
Now, this is where Trump comes in. Though it hasn't been stated explicitly, Washington insiders reportedly believe that the FCC won't approve the Paramount/Skydance merger until the company settles a separate lawsuit entirely. Trump sued CBS in November for $10 billion after he claimed that the network deceptively edited a 60 Minutes interview with former Vice President Kamala Harris, who was his opponent in the 2024 Presidential Election. Then, in February, he refused a settlement offer and doubled his lawsuit to $20 billion.
Paramount seems stuck in the mud until the lawsuit is settled. Either way, it'll cost the network a hefty sum just to get Trump out of their hair. That financial deficit is likely to impact some shows over at CBS and Paramount+. So, that's where—and thank you for sticking with me here—Yellowstone's spin-offs might take the largest hit.
The CEO
When the merger finally goes through, Paramount co-CEO Chris McCarthy is reportedly set to leave the company.If that name sounds familiar to Dutton-heads, it's because McCarthy closely works with Taylor Sheridan and his fleet of shows. Their partnership—and Sheridan's multiple successes—have single-handedly made Paramount+ competitive with Apple TV+, Prime Video, and Netflix in the streaming wars. McCarthy also ordered every Sheridan series and spin-off since 1883, making him the largest advocate for Sheridan's work at Paramount.
It's unclear exactly why McCarthy will depart Paramount, but it's not a good sign for Yellowstone. On top of Trump's lawsuit—it's likely that cost-cutting measures will come for Yellowstone once again after the merger is completed. Despite the franchise's popularity, the network reportedly sought to cancel the costly series twice before. As the story goes, McCarthy saved Yellowstone on both accounts.
In a Bloomberg profile just this past April, McCarthy stated that the Paramount Network first weighed canceling Yellowstone after season 2. Even though the series averaged around 2.6 million viewers per episode, the cost to produce the show lost Paramount nearly $50 million. The network was looking to cut costs, but McCarthy convinced Paramount that Sheridan's "forgotten America" was worth saving. He also moved the show from Wednesday nights to Sunday nights—which Sheridan reportedly hated because he would have to battle with Sunday Night Football—even though McCarthy knew that the time slot would help them compete with HBO. It worked, and Yellowstone doubled its audience for season 3.
Then, another crisis hit. Costner's contract was up at the end of season 3. Yellowstone fans will recall that the season 3 finale ended in an attack on the entire Dutton family—likely intended to leave the door open for anyone's potential departure. But McCarthy rallied once again, and Paramount worked out a new deal to keep Costner for two more seasons. (Technically, Costner claims he signed on for four more seasons, but that's a separate issue).
Then, McCarthy and Sheridan worked together on 1883, Mayor of Kingstown, Tulsa King, Lioness, Lawmen: Bass Reeves, 1923, and Landman. Next up? McCarthy ordered five spin-offs, including Dutton Ranch, Y: Marshals, 1944, The Madison, and most recently, NOLA King. But if McCarthy departs—and Yellowstone loses its largest advocate—who will save the franchise from the new executives looking to cut costs once again?
"I sure hope that if this merger takes place, they have the foresight to keep him," Sheridan said about McCarthy in the CEO's Bloomberg profile. "I don't know of another executive that I could do this with."
Listen to your golden goose, Paramount! If Sheridan packs up and rides off to another network, that's the end of Yellowstone.
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