Why it matters: For Netflix, the deal presents an opportunity to add a familiar franchise and a big name to its original content repertoire. Paramount, meanwhile, gets to generate additional revenue from an established series.
Axel Foley is making a return. Netflix has reportedly signed a one-time licensing deal with Paramount to develop a fourth movie in the Beverly Hills Cop franchise, Deadline reports.
The project will involve Eddie Murphy and Jerry Bruckheimer, who served as lead actor and producer on the first two films, respectively (Murphy reprised his role as Foley in the franchise's third installment but Bruckheimer didn't participate).
Netflix reportedly has an option for a second film as well, should it choose to exercise it.
The original Beverly Hills Cop hit theaters in the winter of 1984 and generated $234 million at the box office, making it the year's highest-grossing film in the US. A sequel arrived in 1987 and although it wasn't as successful as the first, it still made plenty of money and was even nominated for an Oscar and a Golden Globe Award. The series' third film, however, only grossed $42 million domestically and is considered by most to be the weakest of the three.
Bringing back a classic is always risky as many would agree with the notion of leaving well enough alone. Then again, not all refreshes are terrible. Netflix did a respectable job with Fuller House and YouTube really impressed with Cobra Kai, its continuation of The Karate Kid saga.