Overview

• Paramount and parent company Skydance announced a four-year exclusive pact with Matt and Ross Duffer covering films, television and streaming.
• Projects will be developed through the Duffers’ Upside Down Pictures, led by president Hilary Leavitt.
• Industry reporting says the promise of wide theatrical releases was pivotal to the move, contrasting with Netflix’s limited theatrical windows.
• The brothers will remain executive producers on existing Netflix series and Stranger Things offshoots, including The Boroughs and Something Very Bad Is Going to Happen.
• The deal reunites the Duffers with Paramount executives Cindy Holland and Matt Thunell as Stranger Things 5 rolls out on Netflix in three volumes on November 26, December 25 and December 31, with additional 2026 Netflix projects like the animated Tales from ’85 still planned.