Stranger Things creators Matt and Ross Duffer are leaving Netflix next year after reaching a deal with Paramount

They said in a statement: "We couldn't be more thrilled to be joining the Paramount family. To be part of that mission is not just exciting - it's the fulfillment of a lifelong dream.

"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 [Holland] and Matt [Thunell], 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."

Holland is now Paramount's new head of streaming with Thunell is president of Paramount Television, and both worked with the brothers at Netflix.

She said: "I've had the privilege of knowing Matt and Ross for over a decade and worked with them from their earliest stages through their deserving global success.

"We have seen firsthand their extraordinary creative vision and exceptional gift for storytelling.

"We couldn't be more excited to reunite and welcome them to Paramount."

In the meantime, the Duffers are preparing for the fifth and final season of Stranger Things, and they will continue to be involved in the franchise - and other development projects - once their Netflix deal concludes.

They added in their statement: "Our time at Netflix has been incredible. Ted [Sarandos], Bela [Bajaria], and Peter [Friedlander] 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 5, but 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."