Full Breakdown
Paramount Pictures Acquires $36 Million Rights to Adapt Matt Haig’s *The Midnight Library*
5/29/2026, 7:51:19 AM
Core Deal Overview
Paramount Pictures, led by David Ellison, secured the North American and select foreign rights to a feature-film adaptation of Matt Haig’s novel *The Midnight Library* for a reported $36 million. The studio outbid Focus and Sony, which were also pursuing the project. StudioCanal retained distribution rights in the United Kingdom, France, Germany, Italy, Poland, the Benelux region, Australia, New Zealand and South Africa. The agreement remains pending finalization of territorial allocations between Paramount and StudioCanal.
Background: The Novel’s Global Success
*The Midnight Library* was first published by Canongate in 2020. Since release, the book has sold approximately 15 million copies and has been translated into 56 languages, establishing a strong international readership that underpins the film’s anticipated market appeal.
Key Creative Team
The adaptation will be directed by Garth Davis, with Florence Pugh cast as the protagonist Nora Seed. The screenplay is being developed by Olivier Award-winner Laura Wade and Tony-nominee Nick Payne. Their involvement aligns with the source material’s literary acclaim.
Financial Structure and Territorial Rights
Paramount’s $36 million acquisition price positions the project as the largest European-origin production deal reported at Cannes, surpassing the $30 million sale of Park Chan-wook’s *The Brigands Of Rattlecreek* to Warner’s Clockwork. The $70 million figure cited for the production budget marks it as the biggest European-backed film in recent memory, according to the source. The deal’s final terms remain unsettled as Paramount and StudioCanal negotiate the exact split of distribution territories.
Production Timeline and Scope
Pre-production is slated to commence in the autumn following the Cannes market, with principal photography expected to begin at the start of the subsequent year. The production schedule reflects the collaborative arrangement between Paramount and StudioCanal, leveraging StudioCanal’s established presence in key European territories.
Industry Context: Cannes Market Landscape
The acquisition emerged as the headline transaction at Cannes, outpacing other high-profile deals such as the $30 million sale of *The Brigands Of Rattlecreek*, which features Matthew McConaughey, Austin Butler, Pedro Pascal and Tang Wei. This positioning underscores Paramount’s strategic intent to secure prestige-oriented content with proven literary foundations.
Market Considerations and Potential Risks
Analysts noted that while the novel enjoys strong performance in England and Europe, the North American fall box-office historically presents challenges for prestige-driven releases. The source suggests that the economics may have deterred other studios, implying a cautious outlook on the film’s commercial viability in the U.S. market.
Official Statements & Responses
The reporting indicates that the agreement is not yet closed, with both Paramount and StudioCanal continuing to negotiate territorial allocations. No formal public statements from either party were quoted in the source material.
Criticism & Opposition
The article raises a concern that the project could become “another case of overpaid prestige movies which have a hard time at the fall North American box office,” reflecting skepticism about the financial rationale behind the acquisition.
Conflicting Reports & Gaps
No contradictory figures were presented; however, the pending status of the deal leaves the exact distribution split and final production budget unconfirmed.
What’s Next
The next milestones include finalizing the territorial agreement between Paramount and StudioCanal, completing the screenplay, and commencing pre-production in the autumn. Subsequent updates are expected as casting, crew appointments, and shooting schedules are solidified.
