Paramount CEO David Ellison said last week he wanted to restore the company's place as the top destination for "the most talented artists and filmmakers in the world." On Tuesday, he took a big step in that direction.

Brothers Matt and Ross Duffer, best known for creating the Netflix juggernaut "Stranger Things," are officially in business with Paramount.

The ‘Stranger Things’ creators will create movie, TV and streaming projects for the studio, with a focus on tentpole films.