Florence Pugh's The Midnight Library Lands $36 Million Paramount Megadeal

Paramount just wrote a gigantic $36 million check to lock down Florence Pugh's The Midnight Library. If 2026 has felt like studios arm-wrestling over every big piece of IP, this is the loudest slam on the table so far.

The deal, the scramble, the eyebrow-raise

Under incoming leadership from Skydance 's David Ellison, Paramount has been in growth mode. The studio is talking about its slate in the same breath as longtime juggernauts like Star Trek and Mission: Impossible — and, in some cheerfully broad branding speak, even name-checking Harry Potter and the DC Universe alongside them. Yes, that grouping invites a raised eyebrow given how rights typically map out, but the point is clear: the ambition is big, and now Matt Haig's beloved bestseller is part of the brag.

Paramount beat Sony and Focus Features in a heated fight for key territories. StudioCanal is still holding onto several major European markets — where the book has been huge — which makes this the kind of cross-border rights patchwork you only see on big, prestige-leaning plays.

Why Cannes paid attention

This was the biggest deal at the Cannes market, topping the $30 million sale of Park Chan-wook's The Brigands of Rattlecreek (that one stars Matthew McConaughey, Austin Butler, and Pedro Pascal ). With a reported $70 million budget, The Midnight Library is on track to be one of the largest European-backed productions in recent memory. Pre-production is slated for this autumn, with cameras aiming to roll in early 2027 — a clear awards-friendly timeline if everything stays on schedule.

Who's making it ( and who's not cast yet)

Florence Pugh is both starring and producing, stepping into lead character Nora Seed. Garth Davis (Lion) is directing. The script is coming from Laura Wade and Nick Payne. On the producing side, Graham Broadbent and Pete Czernin at Blueprint Pictures are joined by Anita Overland, and Matt Haig is staying close as an executive producer.

The rest of the cast is wide open. Key roles still to fill include Nora's librarian guide Mrs. Elm; her brother Joe; former fiance Dan; neighbor Ash; and fellow 'library traveler' Hugo Lefevre. Translation: expect another round of headlines as those pieces fall into place.

The essentials at a glance

• Deal: Paramount wins rights for The Midnight Library in a $36 million acquisition, beating Sony and Focus Features.
• Rights map: StudioCanal retains several major European territories where the novel is a bestseller.
• Package: Florence Pugh stars as Nora Seed and produces; Garth Davis directs; script by Laura Wade and Nick Payne.
• Producers: Graham Broadbent and Pete Czernin (Blueprint Pictures), Anita Overland; Matt Haig is executive producer.
• Budget: Reported $70 million; positioned as one of the largest recent European-backed productions.
• Timeline: Pre-production this autumn; filming targeted for early 2027.
• Cannes context: Biggest market deal this year, edging out The Brigands of Rattlecreek at $30 million.
• Open roles to cast: Mrs. Elm, Joe, Dan, Ash, Hugo Lefevre.

What this actually says about Paramount right now

Between Ellison's incoming stewardship and the industry still recalibrating after shake-ups like the Warner Bros. Discovery merger, Paramount is clearly in expansion mode. A star-plus-bestseller package with international upside is exactly the kind of swing studios are fighting for. Expect this to be one of Paramount's most-watched prestige plays heading into 2027.