Paramount and its parent company Skydance announced this on Monday, just five days after news that the brothers were talking about leaving Netflix, where they made the hit series Stranger Things.
The Duffers' new deal with Paramount is an exclusive four-year agreement covering films, TV shows, and streaming projects. The focus is on their goal to create big-budget theatrical movies. They will move to Paramount after their current contract with Netflix ends in April 2026.
This move is a big win for new CEO David Ellison and his team, who promised to make Paramount the top place for talented artists and filmmakers.
(Paramount is also talking with Legendary Pictures about a film deal, got the rights to UFC, and beat competitors for a movie project with Timothee Chalamet and James Mangold.)
The Duffers will work on their projects through their company, Upside Down Pictures, which is led by Hilary Leavitt.
The deal brings them back together with Cindy Holland, who leads direct-to-consumer at Paramount, and Matt Thunell, who runs TV Studios at Paramount. Both worked with the Duffers at Netflix.
In a statement, Matt and Ross Duffer said, "We couldn't be more thrilled to join the Paramount family.
David, Josh, and Dana are passionate about making bold, original films. Being part of that mission is exciting and the fulfillment of a lifelong dream. To do so at a studio with such a rich Hollywood legacy is a privilege we don't take lightly. We're also excited to reunite with our friends Cindy and Matt, who believed in us from the start. They took a chance on us in 2015 and are doing so again. We can't wait to create new stories together."
The chance to make big theatrical films was a key reason for the brothers leaving Netflix.
Some episodes of Stranger Things, especially in the 2022 season, were as long and big as feature films. The final season of the show is set to come out on November 26. The Duffers also praised Netflix, saying, "Our time at Netflix has been incredible. Ted, Bela, and Peter gave us the creative freedom and support that artists dream of but rarely get. A decade in, they are family. We're excited to continue working together—not only on the upcoming release of Stranger Things 5, but also on shows we're proud to be making, like Something Very Bad Is Going to Happen and The Boroughs. We look forward to building the future of Stranger Things together. There are many more stories to tell beyond Hawkins, and we can't wait to share them."
After their Netflix deal ends, the Duffers will still be involved as executive producers on The Boroughs, Something Very Bad Is Going to Happen, and any future Stranger Things spin-offs.
Their focus at Paramount will be on new projects.
Cindy Holland said, "I've had the privilege of knowing Matt and Ross for over a decade and working with them from their earliest stages through their deserving global success.
We've seen firsthand their extraordinary creative vision and exceptional storytelling skills. We couldn't be more excited to reunite and welcome them to Paramount."
Goldberg and Greenstein added, "We're thrilled that the incomparable Duffer Brothers are joining our Paramount family.
Their unique talent for creating stories and worlds that shape culture sets them apart. 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."
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