The following contains spoilers for the story "Two Birds, One Stone" from Batman #127, now on sale from DC Comics
The Penguin is one of Batman's most enduring bad guys, having been a major threat to the Caped Crusader throughout almost his entire history. However, recent events have apparently ended his life once and for all. But, luckily for Oswald Cobblepot, things are rarely ever what they seem and death is never really permanent in the DC Universe.
The finale to "Two Birds, One Throne" from Batman #127 (by Chip Zdarsky, Belen Ortega, Luis Guerrero, and Clayton Cowles) reveals that not only is the Penguin alive, but that the classic DC villain has actually gotten cosmetic surgery to change his appearance. He now looks similar to Colin Farrell's version of the character from The Batman.
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Following his apparent demise in a bid to frame Batman and try and ruin his image in the public eye, the Penguin left a hole in Gotham City. Despite Catwoman's attempts to stop them, two of Oswald's illegitimate children -- Addison and Aiden Cobblepot -- wiped out the rest of their siblings and laid claim to the remnants of his criminal empire. But the conditions of Penguin's will left much to be desired, setting the stage for the two to become new additions to Batman's rogues' gallery.
Catwoman launched an investigation that led her to a small flower shop in Metropolis where she discovered Paul Meredith -- aka Oswald Cobblepot -- alive and well, with a new face courtesy of cosmetic surgery. It turns out that the entire act was a means for him to escape Gotham and the cycle of violence he was trapped in. A regretful Penguin explains that he had no intention for his children to turn on each other, and had actually hoped that they would come together in light of his demise.
Regardless, the villain has no desire to return to Gotham. Catwoman leaves the flower shop convinced that he has retired -- and that he won't come back to target her longtime love, Batman. She even opts to keep his survival a secret, allowing him to leave his classic tenure as a villain behind and start a new life for himself. Notably, though, this sets the stage for Penguin to possibly become his most recent big-screen incarnation.
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Penguin's new face shares some similarities with the version of Penguin that appeared in Matt Reeves' The Batman. Played by Colin Farrell, the character was still overweight and physically crusty, but he was far from the more cartoonish version of Oswald Cobblepot who typically appears in stories (and has been the character's default appearance in the DC Universe as of late). This incarnation of Penguin was a quick fan favorite, even getting his own HBO Max spin-off, focusing on the fallout of The Batman's explosive ending. Now that his comic book counterpart has a similar, more realistic appearance, it could be the beginning of a new story arc for the classic villain.
This would be an exciting position for Oswald to be in as it lends his character a lot of new possibilities. Removed from his old feud with the Dark Knight, Penguin now has room to grow -- or even remain off the board, for the time being, allowing his children the chance to establish themselves as Batman's new foes. His connection to Catwoman also gives him an easy means to be reintroduced, when he inevitably goes back to Gotham. Placing him in Metropolis even sets the stage for him to become a problem for the Superman Family. Ultimately, Penguin's new status quo in the DC Universe means he has all the room he needs to become a different person -- for better or for worse.