Paramount is losing its biggest TV powerhouse — Yellowstone creator Taylor Sheridan — who’s signed a massive new five-year film and television deal with NBCUniversal. The deal kicks in January 1, 2029, after Sheridan’s current contract with Paramount ends in 2028. Also jumping ship is Sheridan’s producing partner David Glasser and his company, 101 Studios, which will begin a first-look deal with NBCUniversal in 2026 once its obligations to Paramount wrap. The move is a major blow to Paramount — and another bold strike in Hollywood’s escalating “talent wars,” coming just months after the Skydance-Paramount merger and the departure of key executives who supported Sheridan’s creative freedom and big budgets. Sheridan’s shows, including Yellowstone, Mayor of Kingstown, Tulsa King, and Lioness, have dominated Paramount+ and built the platform’s most successful TV universe.