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AT & T Inc.'s WarnerMedia has entered into a production agreement with director of superstar JJ Abrams is one of Hollywood's most prominent filmmakers as he prepares to tackle the streaming services of Netflix Inc. and Walt Disney Co.
Abrams, whose film credits include recent versions of "Star Wars" and "Star Trek," will create television shows, movies, and original games for the studio until 2024, according to a statement released Thursday. Financial conditions have not been revealed.
The signing underscores increasingly fierce competition for talent among the largest Hollywood media companies, including new players such as Netflix and Amazon.com Inc. exceeding $ 300 million.
In June, the New York Times announced to Abrams a $ 500 million contract. But the contract has finally reached a value close to $ 250 million, said Thursday the Hollywood Reporter.
The WarnerMedia pact is based on a television relationship that began in 2006 with Warner Bros. However, Abrams' production company, Bad Robot, will honor its current obligations to Paramount Pictures.
Battle of talents
Over the past two years, Netflix has been successful in reaching agreements with major television producers including Ryan Murphy and Shonda Rhimes. This is an asset for major filmmakers and actors, especially because studios need more content than ever before.
Traditional Hollywood businesses are struggling to stay in streaming to survive at a time when traditional pay-TV customers are canceling their service for cheaper alternatives online. NBCUniversal of WarnerMedia, Disney and Comcast Corp. offer or plan to offer paid streaming services.
Abrams directed some of Hollywood's hottest films, including "Star Wars: The Force Awakens," which generated $ 2.07 billion in ticket sales around the world. His next movie "Star Wars", "The Rise of Skywalker", is due out on December 20th.
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