Duffer Brothers reportedly set to exit Netflix for Paramount amid theatrical push
Netflix may soon part ways with the creative duo behind one of its biggest phenomena. Multiple industry reports suggest that Matt and Ross Duffer, the creators and frequent writer-directors of the hit supernatural series “Stranger Things,” are poised to take an exclusive overall deal elsewhere — with Paramount emerging as the expected landing spot following corporate changes that placed the studio under Skydance’s ownership.
Trade chatter earlier in the week pointed to advanced talks, and subsequent reporting indicated a decision had been made in favor of Paramount. If finalized, the move would mark a significant shift for the brothers after building a flagship franchise at Netflix.
Over the show’s run, the Duffers’ ambitions have visibly escalated — episodes stretched longer, set pieces became more elaborate, and production budgets rose accordingly. Season 4 alone was widely reported to cost around $30 million per episode, reflecting both the scale and expectations placed on the series.
What’s next for the pair appears to be big-screen storytelling. That aligns with a broader industry reality: Netflix has struggled to fully break into traditional tentpole territory, in no small part because of its uneasy relationship with theatrical exhibition.
Netflix co-CEO Ted Sarandos has characterized the traditional theatrical-first model as an “outdated concept,” a stance that keeps the streamer from routinely granting extended exclusive windows in cinemas.
While the company does selectively release films in theaters, it typically resists the lengthy exclusivity many major chains demand, limiting wide theatrical access. That policy has become a flashpoint for filmmakers seeking both streaming reach and a robust big-screen run.
Consider Greta Gerwig’s in-the-works “Narnia” installment at Netflix: it is set to debut exclusively on IMAX screens for at least two weeks before streaming on December 25, 2026 — a notable carve-out that underscores how theatrical terms can influence top-tier talent decisions.
According to industry insiders, the “theatrical component” became the key sticking point — and ultimately a dealbreaker — in the Duffers’ negotiations to remain at Netflix.
For subscribers, the change won’t be felt immediately. The final season of “Stranger Things” is slated to arrive later this year in three parts, and the brothers have two additional series still scheduled to premiere on the platform in 2026. The broader franchise continues to expand, too, with a stage prequel running on Broadway, an animated spinoff on the way, and a live-action offshoot reportedly in development.
Big picture: Paramount could gain a marquee creative team with proven franchise-building chops, while Netflix faces renewed questions about how its theatrical strategy impacts its ability to woo filmmakers who want cinematic scale and release footprints. However the deal ultimately shakes out, it’s a bellwether for the evolving balance between streaming-first distribution and old-school box office ambitions.
