"We've been able to create a show that didn't start out being popular but did it on its own terms," Costner said last October to The Associated Press.
"Yellowstone" will conclude with fresh episodes showing in November; the number of episodes was not confirmed on Friday.
On Friday, a representative for Paramount said only, "Kevin Costner is a big part of 'Yellowstone,' and we hope that will be the case for a long time."
The new series, according to David Glasser, CEO of 101 Studios, which produces "Yellowstone" alongside MTV Entertainment, "will be picking up where 'Yellowstone' leaves off in another epic tale.
While the series has yet to be named, the word "Yellowstone" will be included in the title, which was not the case for spinoffs such as "1883" or "1923."
According to published sources, actor Matthew McConaughey has signed up to star in the sequel. However, a spokeswoman for the studio said on Friday that McConaughey "is a phenomenal talent with whom we'd love to collaborate."
The sequel will run on the Paramount+ streaming network after its premiere on the cable network.
That is a critical differentiation for the organization. "Yellowstone" is available on NBC Universal's Peacock service, which is owned by Comcast, which means that a significant portion of the popular drama's money has been diverted elsewhere.
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