At CinemaCon 2025, Lionsgate chair Adam Fogelson shared several tidbits of information about the third installment, Now You See Me: Now You Don’t. A fourth entry is also in the works.

Whatever Lionsgate is doing with magician-inspired films, it’s working. The Now You See Me franchise has surpassed expectations, transforming from an undersell to a cash cow. After just two installments, Lionsgate has amassed nearly $500 million in profit. Granted, the studio invested $75 million in the first installment and $175 million in the second—the amount pales in comparison to what the studio took home. Such a profit margin explains why two new entries are currently in the works.

Recently, Lionsgate Entertainment revealed that progress is being made on both Now You See Me 3 and 4. The studio named the upcoming installment, Now You See Me: Now You Don’t—an apt title given the fact that the first two films are inspired by a classic magic trick. Thus, it only makes sense that the third chapter completes the joke with “Now you don’t.” It’s unclear if the fourth installment in the franchise will follow suit.

To much surprise, the studio isn’t acting hush-hush about the next entry’s plot. Lionsgate’s chair, Adam Fogelson, told the audience at CinemaCon this past week all about Now You See Me: Now You Don’t. He explained the setup involves Daniel Atlas (Jesse Eisenberg) disbanding the original team. Atlas is apparently the sole surviving member of the Horsemen—information he relays to a new generation of magicians. The originals aren’t dead, though.

Similar to the sequel, the Horsemen come out of retirement for another score. Nothing is as it seems, though. They partner up with a younger cadre consisting of Justice Smith, Ariana Greenblatt, and Dominic Sessa. These newer stars will presumably become legacies, potentially taking over in the fourth entry. Nothing suggests the central stars are leaving, but it’s best to have backups in case the leads fall through.

Further plot details reveal that they team up for a diamond heist. The odd thing is that the Horsemen have never been motivated by financial gains. They’ve presumably been coerced into the gig by someone blackmailing them. Perhaps Mabry’s son (Daniel Radcliffe) is seeking revenge, as they humiliated the pair in Now You See Me 2.

Michael Caine has neither confirmed nor denied his involvement with the upcoming entry, although his character could easily be written out of the plot. An offscreen death would suit him, too. That way, the younger Mabry has a motive for seeking revenge. The older Mabry disowned his illegitimate child during the final moments of Now You See Me 2, but that might not mean much to someone blinded by hate.

The biggest surprise out of all the news is Isla Fisher’s return. She opted not to appear in the sequel, so her resurgence is unanticipated. Fisher’s a great actress with lots of range—her return was simply unforeseen. The good news is she has lots to offer.

Now You See Me: Now You Don’t premieres in theaters on November 14, 2025.