In a massive industry move, the new Paramount, owned by Skydance, has secured one of the most sought-after creative teams in Hollywood. Matt and Ross Duffer, the architects of the global phenomenon Stranger Things, are bringing their Upside Down Pictures label to the Melrose Ave. lot in a wide-ranging, four-year exclusive deal for feature films, television, and streaming projects. The agreement marks the first major talent acquisition for the newly restructured studio under the leadership of David Ellison.
The landmark deal will officially begin at the conclusion of the Duffer brothers’ current pact with Netflix in April 2026. However, the duo will remain actively involved in the Stranger Things universe, including the upcoming fifth and final season, as well as other existing projects they are producing at the streamer. This new chapter at Paramount represents a significant evolution for the creators, giving them the opportunity to write, direct, and produce original projects for the big screen—a key motivation for the move.
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In a joint statement, the Duffer brothers expressed their excitement about the new partnership, highlighting both the allure of theatrical filmmaking and their reunion with trusted executives. “We couldn’t be more thrilled to be joining the Paramount family,” they said. “To be part of that mission is not just exciting – it’s the fulfillment of a lifelong dream.” They also noted their excitement to reunite with Paramount’s Cindy Holland and Matt Thunell, who were among their earliest champions at Netflix. “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 brothers also shared their gratitude for their time at Netflix. “Our time at Netflix has been incredible,” they added. “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… there are many more stories to tell beyond Hawkins, and we can’t wait to share them.”
For the new Paramount, the deal is a statement of intent. “We are thrilled that the incomparable Duffer Brothers are joining our Paramount family,” said Dana Goldberg and Josh Greenstein, Co-Chairs of Paramount Pictures. “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.” This move aligns with the studio’s recently announced plans to release 15 to 20 movies annually, adding the Duffer brothers to an impressive roster of talent that includes Ryan Reynolds and John Krasinski.
