Overview

• The filmmakers signed an exclusive agreement with Paramount Global and Skydance that begins after their Netflix contract expires in April 2026.
• The pact covers writing, directing, and producing original feature films, television, and streaming projects for Paramount Pictures, Paramount Television, and Paramount+.
• They will continue overseeing Stranger Things Season 5 and Netflix spinoffs, including The Boroughs and Something Very Bad Is Going to Happen, through the transition.
• Reports cite the appeal of making large-scale movies for theaters as a key factor, a release approach Netflix typically limits.
• The move follows the Paramount–Skydance merger and reunites the duo with Cindy Holland and Matt Thunell, as Stranger Things 5 Part 1 is slated for November 26, 2025.