Netflix is teaming up with Eddie Murphy and Jerry Bruckheimer to develop a reboot of "Beverly Hills Cop." The streaming service has acquired the rights to the series from Paramount. The streaming service will have Adil El Arbi and Bilall Fallah direct the next chapter.

Deadline reports that Viacom CEO Bob Bakish announced the deal between Netflix and Paramount. The new film based on the IP will grow the relationship between the two companies. While Disney and Warner Bros are keeping their distance and reclaiming their properties. Paramount has become a strong ally when it comes to providing content and licensing rights to Netflix.

Paramount had already planned a 'Beverly Hills Cop' sequel

Plans were already in place for a "Beverly Hills Cop 4," sequel, with a release date of March 25, 2016, but the film was taken off the schedule. Both Murphy and Bruckheimer would return. The first three films were released in 1984, 1987 and 1994. The films managed to gross $735 million globally. Netflix and Paramount reached a multi-picture deal last year, describing it as an additional revenue stream

There's no time frame for shooting and release, but Murphy has said he will start as soon as he wraps up "Coming to America." He's slowing down his acting career, so he can focus on family and stand-up.

Murphy considers these two projects as a career "bookend."

Eddie Murphy continues to see his stock rise

Murphy said he wants to spend more time with kids. He will now just do two to three films a year. Murphy has started to gain Oscar buzz for his work in "Dolemite Is My Name," which recently dropped on Netflix. This news adds to his promising projects to the table, which include previously announced "Coming 2 America," and a return to stand-up comedy.

He will also be returning to Saturday Night Live after a 35-year break, to host and revisit some of his most popular sketch characters.

This marks the third deal between Paramount and Netflix after the streaming giant acquired "Cloverfield: God Particle," which turned into "Cloverfield: Paradox." Netflix later acquired the rights to "Annihilation," 17 days after it was released by Paramount.

Netflix made a similar deal with New Line and their film "Shaft." These were all finished films. Netflix is working with Murphy and Bruckheimer to get a script and director. Netflix will also finance the reboot.

Paramount has been attempting to reboot the franchise in several forms. Even with the return of Eddie Murphy and Jerry Bruckheimer, Paramount may have been nervous about the film's prospects, after the studio struggles at the box office, recently with the disastrous performance of "Terminator: Dark Fate."