The new Paramount has officially made its first big deal: Stranger Things creators Matt and Ross Duffer are moving to the studio.

Paramount and parent company Skydance made the announcement Monday, five days after reports that the brothers were in talks to leave Netflix, where they created the megahit Stranger Things. The Duffers deal at Paramount is an exclusive, four-year pact that covers film, TV and streaming projects, with an emphasis on the brothers fulfill[ing] an ambition to write, produce, and direct large-scale theatrical films. Theyll move to Paramount following the conclusion of their current Netflix deal in April 2026. Landing the Duffers is a coup for new CEO David Ellison and his team, who in taking over Paramount pledged to make the studio the No. 1 destination for the most talented artists and filmmakers in the world. (Paramount is also in talks with Legendary Pictures about a film output deal.)

The Duffers will develop their Paramount slate via their Upside Down Pictures banner, led by president Hilary Leavitt. The deal reunites them with Cindy Holland, chair of direct-to-consumer at Paramount, and Paramount TV Studios president Matt Thunell, both of whom worked with the Duffers at Netflix.

We couldnt be more thrilled to be joining the Paramount family. David, Josh [Greenstein], and Dana [Goldberg] are passionate about bringing bold, original films to the big screen. To be part of that mission is not just exciting its the fulfillment of a lifelong dream, Matt and Ross Duffer said in a statement. To do so at a studio with such a storied Hollywood legacy is a privilege we dont take lightly. Were 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 becameStranger Things. They took a chance on us in 2015, and theyre taking a chance again we cant wait to create new stories together.

The chance to mount theatrical films was a key draw for the brothers in departing Netflix. A number of Stranger Things episodes, particularly in 2022s fourth season, have had the scale (and run time) of feature films; the final season of the series is set to premiere Nov. 26. The Duffers also had kind words for the streamer, saying in their statement, Our time at Netflix has been incredible. Ted [Sarandos], Bela [Bajaria], and Peter [Friedlander] have given us the kind of creative freedom and support that artists dream of but so rarely receive. A decade in, they are family. Were excited to continue collaborating not only on the upcoming release ofStranger Things 5, but also on shows were deeply proud to be producing, includingSomething Very Bad Is Going to HappenandThe Boroughs. And we look forward to building out the future ofStranger Thingstogether there are many more stories to tell beyond Hawkins, and we cant wait to share them.

Following the end of their Netflix deal, the Duffers will remain involved as executive producers of The Boroughs, Something Very Bad Is Going to Happen and any Stranger Things offshoots at Netflix. Their focus at Paramount will be on new material.

Ive 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, said Holland. We have seen firsthand their extraordinary creative vision and exceptional gift for storytelling. We couldnt be more excited to reunite and welcome them to Paramount.

Added Goldberg, co-chair of Paramount Pictures and chair of Paramount Television, and Greenstein, co-chair of Paramount Pictures and vice chair of platforms, We are thrilled that the incomparable Duffer Brothers are joining our Paramount family. 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.