Matt and Ross Duffer, creators of Netflix’s hit series Stranger Things, have signed a major agreement with Paramount to develop new film and television projects, marking their departure from Netflix after nearly a decade.
Industry sources say the move was influenced by Paramount’s willingness to back theatrical films — a key factor Netflix declined to pursue. The deal, now in advanced stages, comes under the leadership of David Ellison’s Skydance, which recently merged with Paramount.
The Duffers will work closely with Paramount’s creative executives Josh Greenstein and Dana Goldberg, and with Cindy Holland, Paramount’s head of streaming, who originally greenlit Stranger Things during her time at Netflix. The partnership will focus on blockbuster-style theatrical releases alongside streaming series.
Despite the shift, the Duffers remain tied to Netflix through their production company, Upside Down Pictures. Upcoming projects include The Boroughs, starring Bill Pullman and Geena Davis, and Something Very Bad Is Going to Happen, featuring Jennifer Jason Leigh, both scheduled for 2026.
The highly anticipated fifth and final season of Stranger Things will premiere in November 2025, alongside an animated prequel, Stranger Things: Tales From ’85, and a live-action spin-off in development.
The decision highlights the brothers’ long-standing ambition to focus on theatrical filmmaking — something Netflix’s digital-first model has struggled to provide. Online reactions point to Netflix’s lack of theatrical focus as a potential reason for losing the creative duo.
Paramount’s expanded strategy under Skydance, which includes plans to release up to 20 films annually, reflects its effort to compete with major studios by securing high-profile talent.
While the Stranger Things franchise remains at Netflix, industry observers say the Duffers’ departure raises questions about their future involvement in spin-offs and Netflix’s ability to retain top creators.
