Overview

• Multiple trade outlets report the negotiations are advanced yet unsigned, and Paramount declined to comment on the discussions.
• The proposed arrangement would span both streaming series and big-budget theatrical tentpoles, a creative avenue the Duffers found limited under Netflix’s model.
• The pair would reconnect with former Netflix executives now leading Paramount, including Cindy Holland, Matt Thunell and Brian Wright.
• They retain production commitments at Netflix through Upside Down Pictures, including the final season of Stranger Things with a staggered holiday release and two new series slated for 2026.
• Sources emphasize the talks remain non-binding and could still fall apart before any formal agreement.