‘Stranger Things’ creators reportedly set to leave Netflix for Paramount
Netflix may be on the verge of losing the creative duo behind one of its most influential franchises. Multiple industry reports indicate that Matt and Ross Duffer—the minds behind Stranger Things—are poised to sign an exclusive pact with Paramount, which now operates under the Skydance umbrella.
The brothers’ ambitions have grown with every season of Stranger Things. Episodes became longer, set pieces more elaborate, and the scale—and spending—rose accordingly, with the fourth season widely cited as costing roughly $30 million per episode. That trajectory makes a pivot to event-size, theatrical-first films a logical next step.
And that’s where strategy becomes decisive. Netflix has dabbled in theatrical releases but has generally resisted lengthy exclusive theatrical windows before streaming debuts. Top cinema chains tend to skip films without a meaningful window, and Netflix leadership has repeatedly framed the traditional theatrical-first approach as an outdated model. For filmmakers seeking large-scale releases, that gap can be a sticking point.
Recent exceptions underscore the pressure. One high-profile Netflix project will play exclusively on IMAX screens for a limited period before hitting the service on Christmas Day 2026—a clear acknowledgment that some talent insists on a theatrical runway. For the Duffers, the theatrical component has reportedly been the dealbreaker pushing them toward Paramount.
Don’t expect their potential departure to be felt immediately on Netflix. The streamer plans to roll out the final season of Stranger Things in three parts later this year. Beyond that, two new Duffer-led series are slated for 2026, suggesting the creative relationship won’t vanish overnight even if their overall deal moves elsewhere.
Meanwhile, the Stranger Things universe continues to expand well beyond the flagship series. A stage prequel is drawing audiences on Broadway, an animated series is on the way, and a live-action spinoff is understood to be in development—evidence that the brand has runway regardless of where the Duffers base their future film work.
For Paramount and Skydance, landing the brothers would align with a push for dependable, franchise-ready tentpoles. For Netflix, the moment raises bigger questions about how far it’s willing to evolve its theatrical stance to keep top-tier creators in-house, especially as the streaming and box office ecosystems continue to blur.
