Duffers Brothers Sign Four-Year Paramount Deal, Plan Netflix Exit in April 2026

Matt and Ross Duffer, best known for creating the Netflix juggernaut “Stranger Things,” are officially in business with Paramount.

The pair are leaving Netflix for a wide-ranging, four-year exclusive deal at Paramount.

The agreement, which is expected to emphasize “ambitious” and “large-scale theatrical films,” as well as television and streaming projects. It will commence following the conclusion of their current deal with Netflix in April 2026.

The upcoming projects will be developed through their production company, Upside Down Pictures, led by the brothers and their producing partner and president of the company, Hilary Leavitt.

“We couldn’t be more thrilled to be joining the Paramount family,” the Duffers said in a statement. “To be part of that mission is not just exciting – it’s the fulfillment of a lifelong dream. And to do so at a studio with such a storied Hollywood legacy is a privilege we don’t take lightly. We’re also excited to reunite with our friends Cindy [Holland] and Matt [Thunell], who were among the very first to believe in us and an unusual little script we wrote that became ‘Stranger Things.’ They took a chance on us in 2015, and they’re taking a chance again – we can’t wait to create new stories together.”

The deal reunites the Duffers with Cindy Holland, Paramount’s new head of streaming, who greenlit “Stranger Things” at Netflix, and Matt Thunell, president of Paramount Television, who also worked with the brothers at the streamer.

The pair will also work with Josh Greenstein and Dana Goldberg, who share film and series creative duties at Paramount. Their hiring, which comes shortly after Paramount’s $8 billion merger with Skydance, is part of the company’s chairman and CEO David Ellison’s goal to be the “first call for filmmakers and artists seeking a creative home that champions their work and amplifies it on a global stage.”

The news, which leaked last week, comes as the Duffers gear up for the fifth and final season of “Stranger Things” on Netflix. After their Netflix deal, the Duffers will remain involved in “Stranger Things” and their other existing development projects.

“Our time at Netflix has been incredible. Ted [Sarandos], Bela [Bajaria], and Peter [Friedlander] have given us the kind of creative freedom and support that artists dream of but so rarely receive. A decade in, they are family,” the Duffers added. “We’re excited to continue collaborating – not only on the upcoming release of ‘Stranger Things 5,’ but also on shows we’re deeply proud to be producing, including ‘Something Very Bad Is Going to Happen’ and ‘The Boroughs.’ And we look forward to building out the future of ‘Stranger Things’ together – there are many more stories to tell beyond Hawkins, and we can’t wait to share them.”