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Netflix Could Lose ‘Stranger Things’ Creators After Season 5 To Paramount+

The Duffer Brothers plan to focus on tentpole films and TV projects at Paramount under a new deal, reuniting with Cindy Holland, according to multiple sources.

  • Earlier this month, Matt and Ross Duffer are in advanced negotiations with Paramount for a major deal, according to The Hollywood Reporter.
  • According to Deadline, Paramount is in advanced negotiations with the Duffers for a deal as the studio plans to increase theatrical output after the Skydance merger last week.
  • Even as they eye a move, Upside Down Pictures continues producing The Boroughs and Something Very Bad Is Going to Happen for Netflix, with two series debuting in 2026, according to reports.
  • Netflix could still produce new Stranger Things content without the Duffers because it owns the IP, and the platform will remain important for their upcoming projects.
  • On Nov. 26, Season 5 of Stranger Things debuts, followed by episodes on Christmas and the finale on New Year’s Eve, as the Duffers negotiate a Paramount deal, reports say.
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Variety broke the news in Los Angeles, United States on Thursday, August 14, 2025.
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