Podcast Summary: The Town with Matthew Belloni

Episode: Savvy or Desperate? NBCU Poaches Taylor Sheridan From Paramount
Date: October 27, 2025
Host: Matthew Belloni (Puck, The Ringer)
Guests: Lucas Shaw (Bloomberg)
Topic: The implications of NBCUniversal “poaching” TV powerhouse Taylor Sheridan from Paramount, examining Hollywood’s talent wars and the strategic chess moves reshaping streaming and entertainment.

Episode Overview

This episode dives deep into NBCUniversal’s recent signing of Taylor Sheridan, the creative force behind Yellowstone, as Paramount restructures under new ownership. Host Matt Belloni, joined by Lucas Shaw, explores the industry-wide fallout: Was this a savvy move by NBCU or an act of desperation? What does it mean for the future of streaming, high-profile talent deals, and major studio consolidation? The conversation blends business analysis, inside-Hollywood perspective, and sharp, often witty commentary.

Key Discussion Points & Insights

1. The Taylor Sheridan Move: Deal Details & Strategic Rationale

• Sheridan's Departure: After years of driving Paramount+ with hits (Yellowstone, Tulsa King), Sheridan leaves amid management shake-ups and contract disputes.
  • "Sheridan wasn’t loving the new regime at Paramount...the execs who had worked closely with Sheridan were fired. The new execs started questioning the budgets..." (Belloni, 01:50)
• NBCU Deal Structure:
  • Sheridan will begin making movies for Universal in March 2026, but his TV exclusivity kicks in end of 2028—a strategic, very forward-looking play.
  • All new TV content post-2028 will go to Peacock/NBC; all current and in-development shows stay at Paramount.
• Industry Reaction:
  • "You do the deal knowing that his best work may be behind him...but he is the number one television showrunner creator in the business right now." (Shaw, 05:31)

2. Was NBCU Smart or Desperate?

• The Pros:
  • Sheridan brings massive audiences and industry cachet, fitting with NBCU's strategy of building around celebrated creators (Spielberg, Nolan, Jordan Peele).
  • "Donna [Langley] has built their slate around these big splashy filmmakers...And she hopes she can do that for Peacock.” (Belloni, 06:22)
• The Cons:
  • Risk in waiting 3+ years for new Sheridan shows.
  • Peacock’s uncertain future: “You don't really know what Peacock is going to be in three years...It's a risk." (Belloni, 08:27)
  • Potential for a “Ryan Murphy/Netflix” scenario: big dollars, underwhelming returns.
• Sheridan's Motives:
  • Enjoys being "the big fish in a small pond," less interested in getting lost at Netflix or other massive platforms.

3. Why Did Paramount Let Sheridan Walk?

• Regime Change & Values Clash:
  • Paramount’s new leadership (David Ellison, Cindy Holland) wanted cost control—something Sheridan resisted.
  • Chris McCarthy (Sheridan's “whisperer”) gone; working relationship dissolved.
  • “I interviewed Taylor Sheridan and he was basically like, 'I don’t know what my future is at the company without Chris McCarthy.'" (Shaw, 10:16)
• Was Sheridan Expendable?
  • Paramount possibly ready to evolve beyond being “the Taylor Sheridan network.”
  • “There was a price at which they said, you know what? Go with God.” (Belloni, 12:11)

4. Sheridan as Franchise Builder: Dick Wolf or Lightning in a Bottle?

• Debate on whether Sheridan can sustain a “factory” like Dick Wolf (Law & Order), especially since Sheridan writes most scripts himself.
  • “Dick Wolf is essentially an empire manager, whereas Taylor Sheridan is in the dirt doing all this stuff.” (Belloni, 13:19)

5. Peacock & NBCU's Broader Strategy:

• Trying to ‘Level Up’:
  • NBCU betting on premium content/talent (NBA rights, Sheridan).
  • Hints that this move signals intent to be a “buyer, not a seller,” possibly eyeing Warner Bros. Discovery.
  • "If you're making...a billion dollar plus commitment to a guy like Taylor Sheridan...you believe...you are a buyer, not a seller." (Belloni, 16:23)
• M&A Speculation:
  • Peacock needs global reach; merger with HBO Max or others would catalyze growth.
  • Some skepticism if these investments are enough to break out of “fourth place” in streaming hierarchy.
  • "[Comcast CEO] Brian Roberts is not a seller...He's been very clear he is committed to media and is more of a buyer than a seller." (Shaw, 17:05)

6. The Track Record of Big Talent Mega-Deals

• Many (Ryan Murphy at Netflix, Seth MacFarlane at NBCU) didn't yield expected hits. Shonda Rhimes (Bridgerton) a rare success.
• “A lot of those big deals didn’t produce what they wanted. But it was a moment in time.” (Shaw, 21:34)
• Is that moment returning with NBCU’s aggressive spending?

7. 101 Studios' Role & Potential Domino Effect

• 101 Studios, which produces Sheridan’s work and other hits, is also moving to NBCU, possibly impacting Paramount’s pipeline beyond just Sheridan’s shows.
• "If we think Taylor Sheridan was programming Paramount, 101 Studios was really programming Paramount." (Shaw, 22:20)

8. Paramount's New Owners: Ellison & Holland

• Efforts to put their own stamp on the company, rebuild after the “outside forces” era, and assert more control over content.
• "Skydance people are coming in, all the Paramount people are going out, and it's a Skydance takeover." (Belloni, 25:01)
• Concerns about sustainability and whether their big-spending spree is a long-term strategy or a shock-and-awe intro.

9. Politics, Perceptions & The Jon Stewart/Daily Show Question

(From "The Call Sheet" closing segment)

• Discussion about rumors of The Daily Show and Jon Stewart potentially being ousted at Paramount, but Belloni predicts Stewart stays due to concerns about seeming too beholden to Trump/conservative interests as Ellison tries to buy Warner Bros.
  • "They are very sensitive at Paramount to the narrative that they are just a MAGA company." (Belloni, 30:30)
• Political optics could influence entertainment decisions as much as business logic.

Notable Quotes & Memorable Moments

• "Who isn’t a pain in the ass, really?" – Matt Belloni (06:03)
• "You do the deal knowing his best work may be behind him..." – Lucas Shaw (05:31)
• "Maybe he likes being the big fish in the small pond." – Lucas Shaw (09:00)
• "Do you think he's Dick Wolf? I mean, he thinks he's Dick Wolf." – Belloni to Shaw (12:48)
• “If you're making...a billion dollar plus commitment to a guy like Taylor Sheridan...you believe...you are a buyer, not a seller.” – Belloni (16:23)
• "There are always going to be bidding wars for the biggest. Taylor Sheridan is the biggest showrunner on television." – Shaw (21:52)

Key Timestamps

• 05:00: Beginning discussion on Sheridan’s move: “The movie deal will start in March...big poach for Donna Langley and NBCUniversal.”
• 08:27: Discussion on Peacock’s potential and long-term strategy: “You don’t know what Peacock will be in three years.”
• 10:16: On Sheridan's relationship to Paramount pre-breakup: “I interviewed Taylor Sheridan, and he was basically like, ‘I don’t know my future...without Chris McCarthy.’”
• 12:11: On Paramount’s willingness to let Sheridan go: "Go with God, and they have him for three more years."
• 16:23: On Comcast’s intent and M&A landscape: “If you're making...a billion dollar plus commitment...you are a buyer, not a seller.”
• 21:52: Meta-analysis of talent mega-deals: “There are always going to be bidding wars for the biggest.”
• 22:20: On the outsized role of 101 Studios: "If we think Taylor Sheridan was programming Paramount, 101 Studios was really programming Paramount."
• 25:01: On the Skydance takeover: “Skydance people are coming in, all the Paramount people are going out...”
• 30:30: On Jon Stewart and the “MAGA” narrative: “They are very sensitive at Paramount to the narrative that they are just a MAGA company.”

Tone & Style

• Insider, analytical, occasionally sardonic: The hosts bounce between hard industry facts, sharp observations, and witty inside jokes.
• Candid and conversational: No-nonsense, calling out executives, strategies, and perceived missteps openly.

Conclusion: Is this a paradigm shift or replay of past mistakes?

NBCU’s bold move to sign Taylor Sheridan signals -- at minimum -- a renewed willingness to spend big to attract name-brand creative talent. Whether this transforms Peacock’s fortunes or turns into another “Ryan Murphy” cautionary tale is anyone’s guess, but it’s clear that both major studios and streaming platforms are entering another period of high-stakes maneuvering over talent, IP, and market dominance. As ever in Hollywood, the personalities may be as determinative as the platforms.

This summary captures the episode’s core discussion and provides context for those tracking Hollywood’s ongoing streaming and creative arms race.