In a statement, the brothers expressed excitement to join the Paramount family and said that it was their “lifelong dream” to bring “bold, original films to the big screen”. “And to do so at a studio with such a storied Hollywood legacy is a privilege we don’t take lightly. We’re also excited to reunite with our friends Cindy and Matt, who were among the very first to believe in us and an unusual little script we wrote that became Stranger Things. They took a chance on us in 2015, and they’re taking a chance again – we can’t wait to create new stories together,” they noted.

They also heaped praise on Netflix and said, “Our time at Netflix has been incredible. Ted, Bela, and Peter have given us the kind of creative freedom and support that artists dream of but so rarely receive. A decade in, they are family. We’re excited to continue collaborating – not only on the upcoming release of Stranger Things 5but also on shows we’re deeply proud to be producing, including Something Very Bad Is Going to Happen and The Boroughs. And we look forward to building out the future of Stranger Things together – there are many more stories to tell beyond Hawkins, and we can’t wait to share them.”