Netflix to Make 'Beverly Hills Cop' Sequel With Eddie Murphy, Jerry Bruckheimer

The streamer nabbed the sequel rights from Viacom's Paramount Pictures via a one-time licensing deal, with Bruckheimer set to produce.

Netflix has picked up the rights to make a sequel to Beverly Hills Cop, with Eddie Murphy set to star and Jerry Bruckheimer set to produce, The Hollywood Reporter has confirmed.

The project comes after a one-time licensing deal between Netflix and Paramount to produce the latest reboot of the Beverly Hills Cop franchise. Adil El Arbi and Bilall Fallah are on board to direct the long awaited fourth installment of the series.

Viacom CEO Bob Bakish on an analyst call Thursday said the licensing deal between Paramount and Netflix "will produce a new film based on an iconic IP and further expands our relationship with this important original production client."

As competitors like Disney and Warner Bros. withhold their movies from Netflix to feed their own streaming services, Paramount has become a ready supplier, or "arms dealer" of sorts, of content and licensing rights for the streaming giant.

Paramount previously took a planned Beverly Hills Cop 4 sequel off the beat. The studio pulled the planned reboot of the popular cop comedy from its scheduled March 25, 2016 release slot. Bruckheimer was to produce the project, which was to bring Murphy back to star as Axel Foley, the fish-out-of-water Detroit cop who goes to Beverly Hills to solve his best friend's murder.

The first three Beverly Hills Cop films were released in 1984, 1987 and 1994, respectively, and earned a total of $735.5 million worldwide. The movies were directed by Martin Brest, Tony Scott and John Landis, respectively.

Netflix and Paramount last year unveiled a multi-picture deal, which Paramount chairman and CEO Jim Gianopulos described as "an incremental revenue stream."