Duffer Brothers in Talks with Paramount After Netflix Exit

Matt and Ross Duffer, the minds behind Netflix’s hit series Stranger Things, are reportedly finalizing a studio deal with Paramount that includes both theatrical films and television productions.

The move signals a strategic win for Paramount’s new leadership, coming just days after David Ellison took charge following the Skydance-Paramount merger. The company has recently outlined ambitious expansion plans, including a $7.7 billion UFC partnership and a renewed commitment to theatrical releases.

The Duffer Brothers became household names with the 2016 debut of Stranger Things, a series that quickly grew into a cultural juggernaut and one of Netflix’s defining titles. Under their production banner, Upside Down Pictures, launched in 2022, the brothers remain tied to ongoing Netflix projects such as the supernatural series The Boroughs, the animated Stranger Things: Tales From ’85  and a live-action spinoff.

Stranger Things  has been a cornerstone of Netflix’s global brand, inspiring merchandise lines, attractions at Universal Studios’ Halloween Horror Nights, and the acclaimed stage play Stranger Things: The First Shadow, which has seen success in London’s West End and on Broadway. The show’s fourth season remains Netflix’s third most-watched English-language series, while the Duffers themselves have earned eight Emmy nominations.

This latest shift comes as the series approaches its conclusion. Season 5 is slated to debut in two parts, with four episodes arriving on November 26, three more on December 15, and the finale on New Year’s Eve.