American filmmaker J..J Abrams and his production company, Bad Robot Productions have formally signed an exclusivity deal with Warner Media.

The deal would mean that Bad Robot production company which the 'Star Wars' filmmaker JJ Abrams runs with his wife and co-CEO Katie McGrath, will now be producing original series and films for Warner Media. It would also produce for its various divisions, including Warner Bros. and HBO.

The deal has been valued at $500 million, and it could be worth even more if certain performance-related targets are reached, reports Variety. Abrams said Bad Robot "can't wait to get started" with WarnerMedia and called the latter an "incredible company".

"I am grateful for the chance to write, produce and direct work for this incredible company, and to help create films and series with a diverse and vast collection of inspiring storytellers. We can't wait to get started," Abrams said in a statement.

In its official announcement, WarnerMedia has clarified that Bad Robot will conclude its existing projects with Paramount, the former feature home of Bad Robot where Star Wars work are still underway. Abrams' "Star Wars: The Rise of Skywalker" of the Star Wars trilogy, is scheduled to hit theatres on December 20.

Abrams called his departure with Paramount "bittersweet" and said, "We still have a number of great stories to tell together, and for that, I feel exceedingly lucky."

Bad Robot did not have a film deal with Warners. However, the companies worked together for 13 years on the television front. Apart from that, Bad Robot formed a video game development division in association with Warner Bros. named 'Bad Robot Games'.

JJ Abrams
Mark Davis

The 53-year-old who is known for his work in the genres of action, drama and science fiction, was on the list of several companies including Disney, Apple and Comcast. Abrams ultimately made a pact with Warners, a year after Warner Media chief John Stankey flew to London to begin talks with him. Stankey agreed to Bad Robot's condition of offering him a broad array of homes for his content.

"We are extremely excited about the potential to deliver remarkable and memorable stories and characters across multiple platforms to audiences around the world. J.J., Katie and all of Bad Robot bring extraordinary vision, exquisite filmmaking, and exemplary industry leadership to this endeavour and our company," Stankey said in a statement.