Netflix may soon lose the creative team behind one of its most successful franchises, Stranger Things.

According to reports from Variety and other Hollywood outlets earlier this week, Matt and Ross Duffer—the creators, writers, and directors behind the hit sci-fi series—were in talks to sign an exclusive deal with Paramount, now under the leadership of David Ellison’s Skydance. On Friday evening, Puck’s Matthew Belloni revealed that the brothers had “made their choice” and decided to join Paramount.

The Duffer Brothers have steadily expanded the scale of Stranger Things since its 2016 debut. Each season has grown more ambitious, with extended episode lengths, larger set pieces, and soaring budgets. Season 4 reportedly cost around $30 million per episode. Their move suggests a strong desire to venture into big-budget, theatrical filmmaking—a space where Netflix has struggled to establish dominance.

Netflix has often faced challenges with traditional theatrical releases. The streaming giant has resisted granting films exclusive theatrical windows before making them available to subscribers. This policy has limited its relationships with major cinema chains. Co-CEO Ted Sarandos recently dismissed the theatrical-first approach as an “outdated concept.”

However, the approach remains crucial for some filmmakers. Greta Gerwig, director of Barbie, reportedly insisted on a theatrical window for her upcoming Narnia films with Netflix. The first installment is set to debut exclusively on IMAX screens for at least two weeks before arriving on the platform on Christmas Day 2026. According to Belloni, a similar “theatrical component” became a decisive factor in the Duffers’ negotiations.

Despite their upcoming departure, Netflix is not immediately losing its grip on the franchise. The fifth and final season of Stranger Things will be released in three parts later this year. In addition, the Duffers have two original series slated to launch on the platform in 2026. Beyond streaming, the Stranger Things brand continues to expand with a Broadway prequel, an animated spinoff, and a live-action offshoot reportedly in development.

With their move to Paramount, the Duffer Brothers appear set to bring their storytelling ambitions to the big screen—potentially signaling a new chapter in their careers, while Netflix faces the challenge of sustaining its blockbuster appeal without its most celebrated creative team.

Source: Tech Crunch