By Jessica Toonkel

Forget the Dutton Ranch. The real drama on "Yellowstone" is behind the scenes between Paramount Global, the entertainment company that makes the show, and rival NBCUniversal, which has the right to stream it.

Paramount is planning two spinoffs of the blockbuster western that it aims to keep for its own networks and streaming service. The planned new series could further inflame a yearslong fight with NBCUniversal, which has the exclusive rights to stream "Yellowstone" on its Peacock service and wants to retain as much related content as possible, according to people familiar with the matter.

"Yellowstone," made by star creator Taylor Sheridan, has grown into one of Hollywood's most successful television franchises by appealing to viewers across the U.S. For all of its popularity, however, it has never appeared in the U.S. on Paramount's own streaming service, Paramount+.

Under the terms of its licensing deal with NBCUniversal, episodes air first on Paramount Network and then stream exclusively on Peacock. That deal, which Paramount executives have long regretted, is set to end in 2029, five years after the actual series finale, according to some of the people.

Comcast-owned NBCUniversal has told Paramount that it believes any spinoffs similar to the original -- featuring the same actors and characters -- should fall under that deal, some of the people said.

The original "Yellowstone" series tells the story of the Dutton family of ranchers as they protect their Montana land. One of Paramount's planned new shows will feature actors Kelly Reilly and Cole Hauser, who played "Yellowstone" characters Beth Dutton and Rip Wheeler, in those same roles. Another spinoff set for Paramount's CBS network will feature actor Luke Grimes as another main "Yellowstone" character, working as a member of the Montana U.S. Marshals Special Operations Group, according to people familiar with the matter.

Paramount executives say that the deal with Peacock only extends to "Yellowstone" and now that the main character, John Dutton, is dead and the ranch has burned down, that story has ended, according to a person familiar with the situation.

NBCUniversal sent a letter to Paramount executives when reports of the first spinoff surfaced in May 2023, warning that any such show would be in violation of their agreement, said one of the people. Since then, NBCUniversal executives have discussed legal options over potential spinoffs with their lawyers, said some of the people close to the situation.

Paramount has launched related shows by Sheridan, such as "1923" and "1883," which also both focus on the Dutton family but in different eras, with different characters. Those shows stream on Paramount+.

In recent weeks, the studio has approached streamers including Netflix and Amazon about potentially licensing Sheridan's "Mayor of Kingstown" and "1883" after they appear on Paramount+ as part of a library of movies and TV shows it is shopping. It hasn't approached NBCUniversal about that deal, some of the people familiar with the matter said. Paramount executives told NBCUniversal that they wanted a global deal, and Peacock is only in the U.S.

Paramount and NBCUniversal previously tussled over the fifth and final season of "Yellowstone." Paramount broke the season into two parts, releasing the second part in December 2024, a year after the first. Under Paramount's deal with NBCUniversal, "Yellowstone" can air on Peacock 90 days after a season ends.

Critics of the move at NBCUniversal said that by splitting the season into two parts, Paramount could delay its appearance on Peacock. People close to Paramount say the company was contending with scheduling and creative conflicts with star Kevin Costner.

Paramount has approached NBCUniversal several times since the initial deal was signed, trying to reclaim the streaming rights for "Yellowstone, " but discussions never advanced, those people said.

Write to Jessica Toonkel at jessica.toonkel@wsj.com

(END) Dow Jones Newswires

Paramount executives say that the deal with Peacock only extends to "Yellowstone," and that now, with main character John Dutton dead, that story has ended, according to a person familiar with the situation. "New 'Yellowstone' Spinoffs Stoke Feud Between Paramount and NBCUniversal -- Update," published at 5:25 p.m. ET, incorrectly stated that the "Yellowstone" ranch had burned down at the end of the series.

(END) Dow Jones Newswires

March 26, 2025 20:37 ET (00:37 GMT)

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