‘Stranger Things’ creators reportedly eye Paramount as Netflix’s theatrical stance looms large
Netflix may soon part ways with the creative duo behind one of its biggest global phenomena. Multiple industry reports indicate that Matt and Ross Duffer, the sibling creators of “Stranger Things,” are finalizing an exclusive overall deal with Paramount, which is now aligned with Skydance.
Signals of a move intensified this week, with trade outlets suggesting the Duffers were in advanced talks. By week’s end, prominent industry chatter claimed the brothers had made their choice, pointing firmly toward Paramount.
The Duffers’ ambitions have scaled with each season of “Stranger Things” — longer episodes, bigger set pieces, and budgets to match. Season 4 alone was widely reported to carry a price tag near $30 million per episode, underscoring the pair’s comfort operating at blockbuster scope.
That scope appears to be steering their next chapter toward theatrical tentpoles. Netflix’s complex relationship with movie theaters — including a resistance to lengthy exclusive theatrical windows — has long limited broad runs at the major chains. Leadership there has publicly characterized traditional windows as increasingly outdated, even as the company experiments with select big-screen releases.
Recent moves hint at some flexibility. For example, the first “Narnia” film under Greta Gerwig is slated for an exclusive IMAX window before landing on Netflix streaming in late 2026. Even so, the desire for robust theatrical play reportedly became a key sticking point in talks with the Duffers.
Industry chatter framed the “theatrical component” as the decisive factor — the dealbreaker that nudged the brothers toward Paramount’s distribution muscle.
Viewers won’t feel the impact immediately. Netflix plans to roll out the final season of “Stranger Things” in three parts later this year, and the Duffers still have two new series on the streamer’s 2026 slate. Meanwhile, the Hawkins universe continues to expand, with a Broadway prequel on stage, an animated series in development, and a live-action spinoff reportedly moving forward.
For Paramount and Skydance, landing the Duffers would strengthen a strategy built around theatrical-first tentpoles and franchise stewardship. For Netflix, it’s another reminder that top-tier creators increasingly want hybrid release strategies — and that the ongoing debate over theatrical windows remains central to where the biggest projects get made.
