The world of streaming can be competitive to the point of being cutthroat, and there’s a development brewing between Netflix and Paramount that may not go well for the former.
Variety reports that Stranger Things creators/showrunners the Duffer Brothers are in ‘advanced negotiations’ to make movies and shows for Paramount. An existing connection there is that Cindy Holland, Paramount’s new streaming head, was the exec who originally greenlit Stranger Things at Netflix, and the rest is history.
It wouldn’t just be an instant departure. Despite working hard on finishing Stranger Things, the Duffer Brothers have two new series coming in 2026, The Boroughs and Something Very Bad is Going To Happen. There’s also an animated Stranger Things feature coming. Rumors of Stranger Things spin-offs have been circulating for a while, and one of those still seems to be in place. They are also reportedly working on a live-action version of Death Note, but we’ve had no updates on that for a while.
But long-term, losing the architects of one of Netflix’s most popular series of all time would be less than ideal for them, and it would be a big boon for Paramount+, a service anchored on legacy series and piles of new shows from Yellowstone’s Taylor Sheridan like Tulsa King and Landman.
Stranger Things will end with season 5 this year with a somewhat ridiculous airing schedule of four episodes airing on November 26, three episode on Christmas Day and the last episode on New Year’s Day, as somehow Netflix remains allergic to a true week-to-week offering, opting for these odd breaks instead (currently, Wednesday season 2 is on hiatus until its second half airs in September).
We have seen plenty of departures like this before. A recent high profile one was Mike Flanagan, who made such Netflix classics like The Haunting of Hill House and Midnight Mass. Now he’s over at Amazon doing Carrie and The Dark Tower series.
Netflix is clearly looking for its next Stranger Things-sized hit. That show and Squid Game end this year, though fortunately it does have Wednesday to run for the foreseeable future. It does, however, remain the clear, unequivocal powerhouse in the streaming industry. A recent report said Netflix earns more than all its major streaming rivals combined, and its revenue is surging. Even with big shows ending, it keeps producing consistent hits and retaining subscribers.
Paramount+, however, has been on the up after adding a number of well-watched series and distancing itself from a service it was once compared to, Peacock, which is losing boatloads of money. Grabbing the Duffer Brothers for new projects would be a big get for Paramount, but this deal is not done yet.
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Source: https://www.forbes.com/sites/paultassi/2025/08/15/netflix-could-lose-stranger-things-creators-after-season-5-to-paramount/