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Netflix (NASDAQ:NFLX) may soon lose the creative force behind one of its biggest franchises.
Variety and other Hollywood outlets reported earlier this week that Matt and Ross Duffer, the brothers who created Stranger Things and directed many of its episodes, were negotiating an exclusive deal with Paramount Skydance (NASDAQ:PSKY).
By Friday evening, Puck’s Matthew Belloni confirmed that the Duffers had chosen Paramount.
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Benzinga reached out to Netflix’s investor relations for comment on the story and is awaiting a response.
The Duffers have raised their ambitions with every season of Stranger Things, expanding run times, staging bigger set pieces, and driving costs up to a reported $30 million per episode for Season 4, TechCrunch reported on Sunday.
Naturally, they now appear eager to move into tentpole films, a category where Netflix has struggled, mainly because of its tense relationship with theatrical distribution.
Netflix co-CEO Ted Sarandos recently dismissed the theater-first model as outdated, causing friction.
Barbie director Greta Gerwig pushed for a theatrical run for her Narnia films, securing a two-week IMAX (NYSE:IMAX) release window before streaming begins on Christmas Day 2026.
Gerwig will write and direct at least two Netflix films based on C.S. Lewis’s The Chronicles of Narnia. Known for Lady Bird, Little Women, and the blockbuster Barbie, Gerwig has brought fresh momentum to the project since Netflix secured the rights in 2018.
Reports suggest the Duffers also prioritized theatrical commitments, making it the key dealbreaker with Netflix.
However, the streamer plans to release the final season of Stranger Things in three parts later this year, while two additional Duffer-led series are slated for 2026. Beyond that, the franchise continues to expand with a Broadway prequel, an animated series, and a live-action spinoff in development.
Netflix stock gained 39% year-to-date, backed by substantial international revenue, live sports expansion, and hit content like Squid Game 3 and Stranger Things 5. Analysts praised its execution. Rosenblatt’s Barton Crockett pointed to steady operating gains and ad revenue doubling.
Price Action: NFLX stock is trading higher by 0.11% to $1,240.34 at last check Friday.
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