Matt and Ross Duffer, aka the Duffer Brothers the creative force behind Stranger Things, are in advanced talks for what sources describe as a massive overall deal with Paramount, signaling a major shift for the duo as their record-breaking Netflix run winds down.
While the agreement is not yet finalized, insiders say it would encompass both streaming and feature projects with a strong theatrical focus — a creative lane not fully available to them under their current Netflix arrangement.
If closed, the deal would reunite the Duffers with two of their earliest champions. Cindy Holland, now Paramount’s Chair of Direct-to-Consumer, and Brian Wright, both played pivotal roles in Netflix’s gamble on Stranger Things.
Brian Thunell, another original advocate for the brothers’ work, is now President of Paramount TV Studios, which will help drive development under the potential pact.
A Full-Circle Creative Reunion
Back in 2019, after the breakout success of Stranger Things, the Duffers signed a lucrative overall deal with Netflix. At the time, they credited Ted Sarandos, Cindy Holland, Brian Wright, and Matt Thunell for taking:
“a huge chance on us and our show — and forever changed our lives.”
Now, with Paramount in the mix, the brothers could return to working with several of those same figures, this time with access to a broader creative slate that includes both prestige TV and big-screen opportunities.
Upside Down Pictures and a Legacy Beyond Hawkins
In 2022, the Duffers launched their own production banner, Upside Down Pictures, with a mission to craft stories “at that beautiful crossroads where the ordinary meets the extraordinary, where big spectacle co-exists with intimate character work, where heart wins out over cynicism.”
Under the Netflix pact, they’ve been producing The Boroughs, a supernatural drama starring Alfred Molina, Geena Davis, Alfre Woodard, Clarke Peters, Bill Pullman, and Denis O’Hare.
They’ve also been developing a Stranger Things: Tales From ’85 animated series and a live-action spinoff. Any Stranger Things extensions, however, are expected to remain at Netflix even if the Paramount deal goes through.
Stranger Things and the Streaming Phenomenon
First released in 2016, Stranger Things was the first Netflix original series to evolve into a global pop culture juggernaut, spawning Halloween costumes, toys, video games, and Universal Studios’ Halloween Horror Nights attractions. Its reach even extended to the stage with Stranger Things: The First Shadow, an award-winning theatrical production that has enjoyed successful runs in London’s West End and on Broadway.
The series is also one of Netflix’s most-watched properties: Season 4 ranks as the third most-watched English-language title with 140.7 million views, while Season 3 holds the #10 spot with 98.4 million views.
The Final Chapter of Stranger Things
The show’s fifth and final season is set for a staggered release — four episodes on November 26, three on Christmas Day, and a grand finale on New Year’s Eve. With its conclusion, the Duffers will close one of the most commercially and culturally impactful series of the streaming era, freeing them to explore new worlds and formats.
Paramount’s Ambitions and the Duffers’ Next Era
Paramount, under David Ellison’s leadership, has been aggressively pursuing high-profile creative talent following its acquisition of Skydance. The potential Duffer Brothers deal would not only bolster its original streaming slate but also give Paramount a marquee name in theatrical storytelling — a strategic move as the lines between streaming and cinema continue to blur.
For the Duffers, it would be a chance to expand their storytelling beyond Hawkins, Indiana, while still honoring the kind of genre-rich, character-driven work that has defined their careers. And for audiences, it’s the promise of more big-screen spectacle infused with the same mix of heart and wonder that made Stranger Things a cultural touchstone.
