Paramount confirmed on Tuesday that it has struck a multi-year exclusive deal with Stranger Things creators The Duffer Brothers to create film, television, and streaming projects.
The arrangement calls for Matt and Ross Duffer to “fulfill an ambition to write, produce, and direct large-scale theatrical films”, and will commence after the brothers’ Netflix deal ends in April 2026.
The siblings will develop through their Upside Down Pictures alongside company president Hilary Leavitt. Projects will receive the full weight of Paramount’s support including franchise development and marketing.
They will continue to work on Stranger Things and other projects at Netflix, and now reunite with Paramount’s streaming head Cindy Holland and Paramount Television head Matt Thunell, with whom they collaborated on the show while the executives were at Netflix.
Paramount’s 42-year-old owner David Ellison and his C-suite are racing to build a pipeline since the Skydance-Paramount merger closed earlier this month. Ellison told reporters last week of his wish to return the studio to the pinnacle of Hollywood and is eyeing tentpole sequels to Top Gun: Maverick and World War Z, as well as original titles.
Josh Greenstein, co-chair of Paramount Pictures and vice chair of platforms, and Dana Goldberg, co-chair of Paramount Pictures and chair of Paramount Television, have wasted little time laying the foundations and want to release 15 films a year as soon as possible, rising to 20.
They have already acquired Timothée Chalamet and James Mangold’s Motocross heist project High Side, and talks are also reportedly ongoing to strike a global distribution pact with Legendary.