The sequel to “Yellowstone” has been released by Paramount Pictures, and Matthew McConaughey is still in talks to star

The second half of Season 5, which will air in November, will conclude the run of the Kevin Costner-led Yellowstone, according to Paramount. A straight-to-series order for a December premiere has been placed for 101 Studios and MTV Entertainment Studios’ untitled sequel.

Although Matthew McConaughey had been in talks for the project, no talent has been announced for the new series. According to reports, the Oscar winner is still negotiating a role. It is anticipated that a small group of original Yellowstone cast members will join him.

On Paramount Network, the home of Yellowstone, and then on Paramount+, the sequel, which will be the first offshoot in the universe of Yellowstone to bear the moniker of the mothership series, will air.

The latter is key as the mothership series, whose original run likewise is on Paramount Network, streams exclusively on Peacock, in what has been a sensitive subject for Paramount.

The announcement comes on the heels of Paramount Global reporting a loss of $1.1 billion for the first quarter yesterday, which caused the stock price to drop by 25%. This resulted in the company falling far short of the predictions made by Wall Street.

The end of Yellowstone, which Sheridan co-created and serves as showrunner for, follows a lot of back-and-forths over shooting dates between Costner and Sheridan. It is unclear whether Costner will return for the final episodes, which are said to begin production in August, according to sources.

It is also unclear whether Sheridan has written scripts for the follow-up series and whether all of the scripts for Yellowstone have been finished. The premiere dates may be altered as a result of the writers’ strike that is currently in progress.

Director and executive producer Stephen Kay told recently, “Taylor [Sheridan] is in Texas spinning hay into gold and we’re hoping we’re hoping we’ll do it soon. Everybody’s excited.”

It has not been uncovered whether the McConaughey-fronted franchise extension will be set on the Dutton farm in Montana or somewhere else and which of the first stars of Yellowstone will show up in the side project series, however we hear several them have gotten offers. The plan for the returning cast members may not get settled until Sheridan completes the process of composing, we hear.

Along with Costner, who plays John Dutton, Yellowstone also stars Luke Grimes, Kelly Reilly, Wes Bentley, Cole Hauser, Kelsey Asbille, and Gil Birmingham.

Costner’s John Dutton character has dealt with hitmen, like when the whole family was attacked at the end of season three, and unscrupulous real estate developers trying to take control of the Dutton Ranch, which is a large ranch in Montana. He now has to deal with his children trying to kill each other at the end of the first half of Season 5.

“Yellowstone has been the cornerstone on which we have launched an entire universe of global hits – from 1883 to Tulsa King, and 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,” said Chris McCarthy, President & CEO Showtime/MTV Entertainment Studios.

101 Studios and MTV Entertainment Studios produce the original series, which was co-created by Sheridan and John Linson. It 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 off in another epic tale. We are thrilled to bring this new journey to audiences around the world,” added David Glasser, CEO, 101 Studios.