Matt Duffer believed he and his brother Ross could conquer a long-standing Hollywood curse. For four years, starting in 2021, the creators of Stranger Things pursued an adaptation of Stephen King and Peter Straub’s 1984 novel The Talisman, backed by Steven Spielberg’s Amblin Partners. Then, as their Netflix flagship series reached record-breaking heights in late 2025, the project quietly dissolved.
A Confession That Broke the Silence
In a December 2025 interview with Comic Book Resources, the Duffers confirmed the end of their effort. “Sadly, Talisman is no longer at Netflix, so we’re not involved,” they stated. Matt Duffer reflected on the challenge: “I think it was probably naive of us to think we could break The Talisman.” After nearly four years of development, including scripts and outlines by Stranger Things writer-executive producer Curtis Gwinn, the series vanished without a pilot or public announcement from Netflix.
The Timing That Changed Everything
Stranger Things Season 5 premiered on November 26, 2025, drawing 59.6 million views for its first four episodes in five days—Netflix’s biggest English-language TV debut ever. This topped the prior record set by Season 4’s 22 million views in three days in 2022, a nearly threefold increase. Across Netflix history, it ranked as the third-largest series premiere, behind only Squid Game Seasons 2 and 3. The finale aired on December 31, 2025, capping a five-season run that defined 2020s streaming television. Yet weeks earlier, Netflix had already let The Talisman fade.
When Success Doesn’t Guarantee Safety
Despite the Duffers’ triumph, Netflix did not fight to retain their passion project. The streamer lost rights to The Talisman sometime in the prior four years but made no move to renew them. This occurred amid the brothers’ August 2025 announcement of a four-year exclusive deal with Paramount, effective April 2026, as their Netflix partnership ended. The agreement emphasized theatrical films—a childhood dream for the Duffers—making the TV-focused Talisman a mismatch for their new path. Netflix saw little reason to invest in a project tied to departing creators headed to a rival.
Why This Novel Became Cursed
The Talisman, a New York Times bestseller still in print after four decades, follows young Jack Sawyer’s journey through parallel worlds to find a mystical object saving his dying mother. Its epic scope, intricate mythology, and themes of mortality and reality have defied adaptation since 1984. Hollywood’s attempts spanned producers, visionaries, and Spielberg himself, all failing. Stephen King boasts successful screen versions of works like The Shining and It, but The Talisman stands as an outlier. Co-author Peter Straub died in 2022, before seeing this latest cycle collapse. Other King streamer projects, like The Revelations of ‘Becka Paulson, also stalled.
The streamer opted for silence on the cancellation, revealing it only through the Duffers’ promotional comments. Fans, anticipating since the 2021 reveal, received no footage or episodes—just acknowledgment of defeat. As the brothers shift to Paramount, Stranger Things endures as their Netflix monument, while The Talisman underscores streaming’s harsh economics: loyalty yields billions, but corporate shifts claim even peak successes. The novel’s adaptation eludes capture, leaving questions about which stories suit the screen and how creators navigate industry flux.
Sources: Comic Book Resources – ‘Stranger Things’ Creators’ Talisman Adaptation Confirmed Dead at Netflix (December 2025)
Variety – ‘Stranger Things 5’ Opens With 59.6 Million Views, Netflix’s Biggest English-Language TV Debut (December 2, 2025)
The Hollywood Reporter – ‘Stranger Things’ Creators Matt and Ross Duffer Sign Paramount Deal (August 19, 2025)
Deadline – Duffer Brothers Close 4-Year Paramount Deal, Set Netflix Exit (August 19, 2025)
Netflix Official – Stranger Things Season 5 Viewership Data (November 26, 2025)