Duffers strike four-year Paramount deal

The Stranger Things creators move from Netflix to Paramount on a four-year exclusive deal spanning film TV and streaming.

Duffers Sign Four-Year Paramount Deal

The Duffer brothers, known for Stranger Things, have signed a four-year exclusive deal with Paramount that covers movies, television and streaming projects. The pact will begin after their current Netflix arrangement ends in April 2026. Upside Down Pictures will develop the projects, with Matt and Ross Duffer and producing partner Hilary Leavitt at the helm. The deal emphasizes ambitious, large-scale theatrical films and expands the brothers’ output across Paramount’s platforms.

Paramount executives say the move reunites the Duffers with key collaborators and strengthens its cross-platform slate. The Duffers also note they will continue their existing Netflix projects during the transition and beyond, including Stranger Things Season 5 and other series in development. The announcement comes as Paramount completes an $8 billion merger with Skydance, a context that executives say supports a broader push to become the first call for creators seeking a global stage for their work.

This deal signals a clear shift in how major studios court top creators. Paramount aims to turn its film, television and streaming divisions into a unified home for big, world-building projects. By aligning with the Duffers, Paramount bets that a high-concept, franchise-friendly approach can attract audience attention across platforms. For Netflix, losing a long-running, high-profile pact could reshape its creator relationships and push the platform to pursue other marquee talents. The move also highlights how studios leverage alliances and mergers to attract talent, not just to chase talent, but to secure a pipeline of ambitious content that can travel across theaters and screens worldwide.

The risks include heightened expectations from the audience and investors, potential budget pressures, and the challenge of maintaining creative momentum across multiple formats. Still, the Duffers joining Paramount suggests a broader industry trend: creators seek stability, scale, and a home that can amplify their visions across a global audience.

Highlights

The next chapters will show how studios balance ambition with sustainable production.