J.J. Abrams is close to a $500 million overall deal with WarnerMedia that will give the media powerhouse a first look at any film, TV, video games, consumer products and streaming content from Abram’s Bad Robot outfit, The Hollywood Reporter reported Monday.
Bad Robot, run by Abrams and his wife, Katie McGrath, has been at the center of a bidding war that also included Apple and NBCUniversal, but the company has decided to go with WarnerMedia and final negotiations are ongoing, according to THR.
Representatives for WarnerMedia did not immediately respond to a request for comment from TheWrap. Representatives for Bad Robot declined to comment.
If finalized, the deal would extend a relationship that began as a TV development deal with Warner Bros. in 2006. The length of the new deal is not known.
The deal comes amid a big year of reorganization and cost-cutting at WarnerMedia since AT&T purchased Time Warner last year for $85 billion.
In March, the company offered buyouts to all employees over 55 who had been with the company at least 10 years. The buyouts would pay four weeks’ pay for every year of service, with the payouts capped at two years. And in May, more than 100 CNN employees took voluntary buyouts.