New York - Netflix will produce a fourth sequel to Beverly Hills Cop, the 25-year-old franchise starring Eddie Murphy, who will return in the memorable lead role.
A spokesperson for Paramount told AFP Thursday that the studio had sold the production rights to the online streaming giant, confirming a report by industry specialist The Hollywood Reporter.
According to the Reporter, Murphy - who starred in the previous three chapters - will reprise his role as wisecracking detective Axel Foley.
Paramount had previously planned to produce Beverly Hills Cop 4 itself but dropped the idea in 2016.
The first three instalments of Beverly Hills Cop - released in 1984, 1987 and 1994 - earned $735m dollars at the global box office and propelled Eddie Murphy, already known for his roles in the comedies Trading Places (1983) and 48 Hours (1982), to superstardom.
According to The Hollywood Reporter, Jerry Bruckheimer, who produced the first two films, will also helm the new project.
The deal is a significant one for Netflix, which has maintained access to various Hollywood studios, while Disney - which has just launched an eponymous competitor streaming platform - exclusively produces content from its own studio and Fox, which Disney owns.