Overview

• Matt and Ross Duffer are in advanced negotiations on an overall deal with Paramount to develop both streaming series and major tentpole films.
• The talks follow Skydance’s acquisition of Paramount and David Ellison’s pledge to restore the studio as a destination for top creative talent.
• If completed, the agreement would pair the Duffers with Cindy Holland, who originally championed Stranger Things during her tenure at Netflix.
• Netflix will retain the Stranger Things intellectual property while the Duffers proceed with two series slated for 2026 and the three-part final season debuting in late 2025.
• Sources emphasize that discussions remain unfinished and could still collapse, and neither Paramount nor the Duffers’ representatives provided immediate comment.