Paramount has finalized a major creative coup, signing Matt and Ross Duffer, the creators of the global hit "Stranger Things," to a multi-year overall deal with Skydance Media. The agreement marks the brothers’ exit from Netflix after more than ten years with the streaming giant, where they built one of the most successful franchises in streaming history.
The deal confirmed by the companies, gives Paramount and Skydance exclusive access to the Duffers’ future film and television projects. The brothers will establish a new label under Skydance as part of the agreement, replicating the creative studio model that allowed them to build "Stranger Things" into a multi-billion-dollar property spanning series, spin-offs, and merchandise.
David Ellison, CEO of Skydance, emphasized the importance of the deal, stating: “Matt and Ross are generational storytellers whose ability to blend blockbuster spectacle with deeply emotional character work has redefined event television. We are thrilled to have them join Paramount and Skydance at such a transformative moment for our company.”
For the Duffers, the move marks the beginning of a new chapter. In a joint statement, they said: “We will always be grateful to Netflix for believing in ‘Stranger Things’ when no one else did. But as we look toward the future, we are excited to join Paramount and Skydance, companies with a long history of telling stories that resonate globally. This partnership allows us to expand the scope of what we create and connect with audiences in new ways.”
At Netflix, the Duffers’ signature series became one of the streamer’s most powerful global brands. The fourth season alone delivered over one billion viewing hours within its first month of release, setting multiple Netflix records and driving subscriber engagement worldwide. Their departure underscores the shifting dynamics in Hollywood as traditional studios and streamers compete for proven creative talent to drive growth.
Paramount has been ramping up its investments in content following its merger with Skydance earlier this year, with executives pledging to boost theatrical film production while rebalancing cable and streaming assets. By securing the Duffer brothers, Paramount signals its intent to compete directly with Netflix and Disney for prestige franchises that can cross both film and streaming platforms.
The agreement positions Paramount as a stronger player in the fight for global streaming dominance. With "Stranger Things" nearing its final season on Netflix, industry analysts note that the Duffers’ new projects will be critical to Paramount’s strategy of leveraging both theatrical blockbusters and serialized streaming hits to build long-term franchise value.
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