While fierce bidding wars have already dominated 2026 over major franchises, Paramount has now landed Florence Pugh's The Midnight Library in a massive $36 million deal. Under the incoming leadership of Skydance's David Ellison, the studio has been aggressively expanding its portfolio, and alongside powerhouse brands such as Star Trek, Mission: Impossible, Harry Potter, and the DC Universe, it can now count Matt Haig's beloved bestseller among its biggest acquisitions.

Here's everything you need to know about Paramount's blockbuster move for The Midnight Library and why Hollywood was fighting so hard to get it.

Paramount has officially won the rights to The Midnight Library in a staggering $36 million deal, securing the Florence Pugh-led adaptation of Matt Haig's bestselling novel. Directed by Garth Davis, the project sparked intense interest across Hollywood, with Paramount ultimately beating out both Sony and Focus Features for key territories. While StudioCanal will retain rights across several major European markets where the novel has enjoyed enormous success, David Ellison's studio has still walked away with one of the most sought-after acquisitions of the year.

The acquisition also emerged as the biggest deal of the Cannes market, outpacing the $30 million sale of The Brigands of Rattlecreek. With a reported $70 million budget, The Midnight Library is shaping up to be one of the largest European-backed productions in recent memory. Pre-production is expected to begin this autumn before filming kicks off next year, further cementing the project as one of Paramount's most ambitious prestige plays heading into 2027.

Florence Pugh’s ‘The Midnight Library’ Draws Massive Studio Interest at Cannes

But winning the rights was only the beginning, as The Midnight Library is still assembling the team that will bring Matt Haig's beloved world to life.

For now, Florence Pugh remains the only confirmed cast member, stepping into the lead role of Nora Seed while also serving as a producer on the project. Behind the camera, Lion director Garth Davis is steering the adaptation, with acclaimed writers Laura Wade and Nick Payne tackling the screenplay. The production team is equally stacked, with Blueprint Pictures' Graham Broadbent and Pete Czernin producing alongside Anita Overland, while Haig himself is staying closely involved as an executive producer.

With pre-production expected to begin this autumn and filming targeted for early 2027, attention has already shifted toward the major roles still waiting to be cast. Key characters, including Nora's guide Mrs. Elm, her estranged brother Joe, former fiancé Dan, neighbour Ash, and fellow "library traveller" Hugo Lefèvre remain unfilled. And as Paramount continues expanding its empire following the blockbuster Warner Bros. Discovery merger, The Midnight Library is quickly shaping up to be one of the studio's most closely watched projects heading into 2027.

With a $36 million deal now sealed, The Midnight Library has officially become one of Hollywood's most closely watched adaptations.

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What are your thoughts on Paramount's massive $36 million acquisition of The Midnight Library? Let us know in the comments.