No actors have yet been announced for the new series, but as Deadline exclusively reported in February, Matthew McConaughey was in talks for the project. The Oscar winner would still be negotiating to play the lead role. He is expected to be joined by a handful of original cast members from Yellowstone (2018).
The sequel, the first offshoot in the Yellowstone universe to bear the mothership's name, will air on Paramount Network, home of Yellowstone (2018), and then on Paramount+.
The latter is important because the parent series, which also originally airs on the Paramount Network, is streamed exclusively on Peacock (in America), which is a sensitive subject for Paramount.
The announcement comes after Paramount Global fell far short of Wall Street expectations yesterday when the company reported a $1.1 billion loss for the first quarter, leading to a 25% share price drop.
The ending of Yellowstone (2018), co-created by Sheridan, who serves as showrunner, follows much back-and-forth between Costner and Sheridan about shooting dates. According to sources, it's not clear if Costner will return for the final episodes, which are said to go into production in August.
It is also unclear whether all remaining Yellowstone (2018) scripts have been completed and whether Sheridan has written scripts for the follow-up series. Since there is currently a writers' strike going on, premiere dates are subject to change.
Director and executive producer Stephen Kay recently told Deadline, "Taylor (Sheridan) is spinning hay into gold in Texas and we're hoping to do it soon. Everyone's excited."
It's not been revealed if the first franchise expansion featuring McConaughey will be set on the Dutton ranch in Montana or elsewhere and which of the original Yellowstone (2018) cast will appear in the spin-off series, but we're hearing a few of them received offers. The plan for the returning cast members may not be finalized until Sheridan finishes writing.
In addition to Costner, who plays John Dutton, Yellowstone (2018) also stars Luke Grimes, Kelly Reilly, Wes Bentley, Cole Hauser, Kelsey Asbille and Gil Birmingham.
Costner's character John Dutton has endured hitmen, such as at the end of season three when the entire family was attacked, and unscrupulous developers trying to wrest control of the sprawling Dutton Ranch in Montana from him. At the end of the first part of season five, he now has to deal with his children trying to kill each other.
"'Yellowstone' has been the cornerstone on which we have launched an entire universe of global hits -- from '1883' to 'Tulsa King,'" Showtime/MTV Entertainment Studios president and CEO Chris McCarthy said in a statement. "I am confident our 'Yellowstone' sequel will be another big hit, thanks to the brilliant creative mind of Taylor Sheridan and our incredible casts who bring these shows to life."
The original series, co-created by Sheridan and John Linson, is produced by 101 Studios and MTV Entertainment Studios and is executive produced by Sheridan, Linson, Costner, Art Linson, David C. Glasser, Bob Yari, Christina Voros and Stephen Kay .
“The Dutton story continues, picking up where Yellowstone leaves (2018) off in another epic tale. We are thrilled to bring this new journey to audiences around the world,” added David Glasser, CEO, 101 Studios.
Watch the trailer for the first half of the fifth season of Yellowstone (2018) below.
