A behind-the-scenes battle between Paramount Global and NBCUniversal is heating up over the future of Yellowstone spinoffs, threatening to escalate a years-long dispute over streaming rights, as reported by The Wall Street Journal earlier this week. Paramount, the producer of the blockbuster western series, plans to launch two new spinoffs featuring key Yellowstone characters, aiming to keep them exclusive to its own networks and Paramount+ streaming service. However, NBCUniversal, which holds exclusive U.S. streaming rights to Yellowstone on Peacock through 2029, argues that these spinoffs may violate their agreement, according to sources familiar with the matter.
Yellowstone, created by Taylor Sheridan, has become a cultural phenomenon, drawing 9.3 million same-day viewers for its Season 4 finale in 2022 (Nielsen) and concluding its fifth season in December 2024 with 8 million viewers (Variety). Despite airing on Paramount Network, the series has never streamed on Paramount+ in the U.S. due to a 2020 licensing deal with NBCUniversal, a decision Paramount executives have called “unfortunate” since the Viacom-CBS merger in 2019. Under the agreement, episodes stream on Peacock 90 days after airing, a deal lasting until 2029—five years after the series finale. Paramount’s regret has been palpable; CEO Bob Bakish in 2022 labeled the arrangement a misstep, and attempts to reclaim rights have failed.
The new spinoffs are at the heart of the feud. One, set to feature Kelly Reilly and Cole Hauser reprising their roles as Beth Dutton and Rip Wheeler, has drawn particular scrutiny. Another, slated for CBS, will star Luke Grimes as a Yellowstone character joining the Montana U.S. Marshals Special Operations Group. NBCUniversal contends that spinoffs with the same actors and characters fall under their deal, a stance they’ve held since sending Paramount a warning letter in May 2023 after the first spinoff surfaced. Sources say NBCUniversal has since explored legal options, though no action has been filed. Paramount counters that the Yellowstone story ended with John Dutton’s death and the ranch’s destruction, arguing the deal doesn’t extend to new narratives.
Tensions also flared over Yellowstone’s final season, split into two parts—Part 1 in 2023, Part 2 in December 2024—delaying its Peacock debut to March 2025. NBCUniversal critics accused Paramount of stalling to limit Peacock’s access, while Paramount cited scheduling conflicts with star Kevin Costner, who exited for his Horizon film series. Meanwhile, Paramount has kept Yellowstone spinoffs like 1883 and 1923 (starring Harrison Ford and Helen Mirren) exclusive to Paramount+, which boasts 71 million subscribers (Q4 2024) and ranked No. 2 in SVOD hours watched last year (Nielsen). Recently, Paramount approached Netflix and Amazon to license 1883 and Mayor of Kingstown post-Paramount+ run, bypassing NBCUniversal, citing Peacock’s U.S.-only reach against their global ambitions.
Paramount and NBCUniversal’s battle—over a franchise that’s generated $1.5 million per episode for Peacock (Puck News, 2023)—could reshape how spinoffs are defined and controlled. For now, Yellowstone’s drama off-screen rivals the Duttons’ on-screen saga, with no resolution in sight.
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