James Gunn's absence from Warner Bros.' CinemaCon 2026 presentation has sparked growing speculation about his status at DC Studios. The panel was far from a low-key event; stars like Milly Alcock and Jason Momoa turned out to promote Supergirl, and attendees were treated to new footage from that film alongside a first look at Clayface. Yet despite the showcase, the creative mastermind behind the rebooted DCU was nowhere to be found.
After Gunn's absence from CinemaCon, the theories began almost immediately. A vocal pocket of DC fans took to social media to connect the dots, or at least what they perceived to be dots, suggesting that Gunn's low-profile signals he may be quietly distancing himself from DC Studios ahead of Paramount's takeover of Warner Bros.
The thinking goes that, with David Ellison's Paramount poised to absorb the studio, Gunn could be lining himself up for an exit once his contract expires after 2027, leaving the DCU in someone else's hands.
Film pundit John Rocha fanned the flames, noting on X that the vibe felt slightly off, pointing out that Gunn neither thanked anyone in his video message for the massive success of Superman last year, nor did he personally tease any future DCU plans.
These are two things that would have been natural given the moment. It's a subtle detail, but in the age of reading between every line, it was enough to fuel the speculation.
Still, the far more grounded explanation for Gunn's physical absence is almost certainly the simplest one: Man of Tomorrow was days away from rolling cameras.
Preparing to direct a major superhero sequel is not exactly a light lift, and the fact that he sent a video message at all, teasing the imminent start of production, suggests he's locked in.
Peter Safran held down the fort in person, and the presentation itself was robust, an extended look at Supergirl, opening June 26, and the face-melting first trailer for Clayface.
As for the merger concerns, it's worth reframing who actually holds the leverage here. It appears Paramount's Ellison will be vying to keep Gunn and Safran in place, not the other way around.
Ellison has been openly enthusiastic about DC since Paramount won the bidding war for Warner Bros., and with an ambitious plan to distribute 30 films a year across the two merging studios, the DC machine with established creative leadership is exactly what he needs.
And then there's the matter of what Gunn is actually building. This is, by all accounts, his dream job and a rare opportunity to construct a shared superhero universe from the ground up with genuine creative authority. If Paramount continues to support his ideas and operate with creative control, it's hard to see the 59-year-old writer, director, and executive walking away anytime soon.
At the very least, he has multiple entries in the Superman Saga mapped out, and with Man of Tomorrow presumably not being the last chapter in that story, a third Superman film arriving around 2029 seems reasonable. Walking away from that mid-build would be an unusual move, one certainly that would lead to a lot of disgruntled fans.
None of this means surprises are impossible, and they never are when two media giants merge. DC will remain extraordinarily valuable IP long after Gunn hangs it up, even if that's in 10 years.
How DC Will Change Under Paramount
For DC fans worried about the franchise's identity under new ownership, there is at least one immediate reassurance: the theatrical experience appears safe.
Unlike a potential Netflix acquisition, which raised legitimate long-term concerns about DC's future on the big screen, Paramount is a studio built around cinema. If anything, DC could lean even further into film over streaming once the merger is fully in place.
That said, not every variable is a comfortable one. Some of Hollywood's top talent and creatives have voiced opposition to the Paramount and Warner Bros. merger, and the Ellison family's well-documented ties to President Donald Trump, including reported influence over CBS News coverage, may give certain stars and filmmakers pause when considering attaching to projects under this new conglomerate.
Still, if Gunn and Safran remain intact and Paramount follows through on its enthusiasm for the brand, DC could actually benefit from an influx of resources. In that scenario, the merger may ultimately change less about the DCU than some online speculations suggest.
