The future “Beverly Hills Cop” release comes off the heels of a one-time licensing deal between Netflix and Paramount Pictures to revive the movie series.
Viacom CEO Bob Bakish offered his insight into the move on an analyst call on Thursday. He noted that Netflix and Paramount “will produce a new film based on an iconic IP and further expands our relationship with this important original production client.”
Paramount Pictures signed a multi-picture film deal with Netflix in November 2018. During Viacom’s fourth-quarter earnings call last year, Paramount CEO Jim Gianopulos explained why the studio inked the deal with Netflix.
“Our priority is to expand our role as a major global content supplier,” Gianopulos stated. “As such, we’re exploring various new revenue streams in addition to our traditional theatrical releases as a producer of first-run films and television for other media platforms.”
The first “Beverly Hills Cop” film was released in 1984, followed by two sequels in 1987 and 1994, respectively. The series has grossed $735.5 million worldwide.
This will be Murphy’s second collaboration with Netflix. It follows his lead role in October’s “Dolemite Is My Name.”