Overview

• Upside Down Pictures has exited Netflix for an exclusive four-year deal at Paramount covering films and television.
• Matt and Ross Duffer say theatrical release for a big original movie drove the move, noting Paramount approached them.
• Stranger Things Season 5 remains in post-production and will debut in three parts across Thanksgiving, Christmas, and Dec. 31.
• The Duffers will still deliver select Netflix projects, including The Boroughs, Something Very Bad Is Going to Happen, an animated Tales From ’85, and an expected spin-off they would executive produce.
• They plan tightly curated output focused on original films and eight-to-10-episode event series, and they stress they are not building a large producer slate or chasing IP without clear value.