Overview

• Matt and Ross Duffer are in advanced negotiations for an overall deal at Paramount that would cover streaming series and high-budget theatrical films.
• The talks would reunite the creators with Cindy Holland alongside film chiefs Josh Greenstein and Dana Goldberg within Paramount’s Skydance-era leadership.
• David Ellison has positioned talent recruitment as a priority to expand Paramount’s theatrical output and streaming slate.
• Representatives for both parties have declined to comment and industry sources caution that the deal remains unfinished and could still collapse.
• Despite the potential move, the Duffers retain commitments at Netflix through Upside Down Pictures and Netflix is expected to keep the Stranger Things IP with two 2026 series, an animated prequel and a live-action spin-off already in the pipeline.