Comprehensive Film, Television, and Streaming Deal Kicks off in 2026 with Emphasis on Theatrical
and Franchise-Building Opportunities
LOS ANGELES, CA – August 19, 2025 – The Duffer Brothers, the creative force behind the global phenomenon Stranger Things, are joining Paramount, a Skydance Corporation (“Paramount”) (NASDAQ: PSKY), in a wide-ranging four-year, exclusive deal for feature films, television, and streaming projects. Among other opportunities, this new partnership calls on Matt and Ross Duffer to fulfill an ambition to write, produce, and direct large-scale theatrical films. The agreement will commence following the conclusion of their current deal with Netflix in April 2026.
Once at Paramount, the Duffer Brothers will create, write, direct, and produce feature films, television, and original streaming series for Paramount Pictures, Paramount Television, and Paramount Direct-to-Consumer. These projects will be developed through their production company, Upside Down Pictures, led by the brothers and their producing partner and president of the company, Hilary Leavitt. Backed by Paramount’s global consumer products, franchise development, marketing, and publicity teams, the partnership ensures full support across the company’s worldwide platforms.
Renowned for their work on acclaimed titles including Stranger Things, the Duffer Brothers have earned multiple Emmy® nominations and built a reputation for visionary, culturally impactful storytelling. Their work often blends genres like science fiction, horror, and fantasy, with a strong emphasis on coming-of-age themes.
Paramount offers the unique combination of world-class creative executives ready to partner with the Duffers Brothers as well as a foundation of long-standing existing relationships across the TV and Direct-to-Consumer divisions, including Cindy Holland, Paramount’s Chair of Direct-to-Consumer and Matt Thunell, President of Paramount Television, both of whom worked with the Duffers at Netflix.
Said Matt and Ross Duffer: “We couldn’t be more thrilled to be joining the Paramount family. David, Josh, and Dana are passionate about bringing bold, original films to the big screen. To be part of that mission is not just exciting – it’s the fulfillment of a lifelong dream. And to do so at a studio with such a storied Hollywood legacy is a privilege we don’t take lightly. We’re also excited to reunite with our friends Cindy and Matt, who were among the very first to believe in us and an unusual little script we wrote that became Stranger Things. They took a chance on us in 2015, and they’re taking a chance again – we can’t wait to create new stories together.”
The Duffer Brothers continued: “Our time at Netflix has been incredible. Ted, Bela, and Peter have given us the kind of creative freedom and support that artists dream of but so rarely receive. A decade in, they are family. We’re excited to continue collaborating – not only on the upcoming release of Stranger Things 5, but also on shows we’re deeply proud to be producing, including Something Very Bad Is Going to Happen and The Boroughs. And we look forward to building out the future of Stranger Things together – there are many more stories to tell beyond Hawkins, and we can’t wait to share them.”
“I’ve had the privilege of knowing Matt and Ross for over a decade and worked with them from their earliest stages through their deserving global success. We have seen firsthand their extraordinary creative vision and exceptional gift for storytelling,” said Cindy Holland, Paramount’s Chair of Direct-to-Consumer. “We couldn’t be more excited to reunite and welcome them to Paramount.”
“We are thrilled that the incomparable Duffer Brothers are joining our Paramount family,” said Dana Goldberg, Co-Chair of Paramount Pictures and Chair of Paramount Television, and Josh Greenstein, Co-Chair of Paramount Pictures and Vice Chair of Platforms. “Their singular talent for creating stories and worlds that shape culture sets them apart, and this partnership is a great example of the new Paramount in action – our film, television, and streaming businesses united to offer Matt and Ross the
full power of our platforms to tell their best and most ambitious stories yet.”
At the completion of their Netflix deal the Duffers will remain involved in Stranger Things and their other existing development projects.
This agreement underscores Paramount’s strategy – as Chairman and CEO David Ellison outlined in his Open Letter on August 7 – to be the first call for filmmakers and artists seeking a creative home that champions their work and amplifies it on a global stage.
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About Paramount, a Skydance Corporation
Paramount, a Skydance Corporation (Nasdaq: PSKY) is a leading, next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. The Company's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS – America's most-watched broadcast network, CBS News, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance's Animation, Film, Television, Interactive/Games, and Sports divisions. For more information please visit www.paramount.com.
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