The deal will cover scripted and unscripted programming for both broadcast and cable television.
MGM also has signed BermanBraun to a first-look deal on all theatrical projects the company is developing.
MGM Television's president, television group & digital Roma Khanna and president, television production Steve Stark will work with BermanBraun on the television productions.
BermanBraun's president of television, Gene Stein, will lead his company's team on the venture.
MGM Television's ventures include the successful History Channel series "Vikings" as well as MTV's "Teen Wolf," which it co-produces. It is also involved in the upcoming series adaptation of the film "Fargo" for FX.
BermanBraun's television projects include next month's NBC series "Camp," the HGTV series "Garage Sale Wars," the Showtime series "Polyamory" and two upcoming series to be produced by "MythBusters" stars Jamie Hyneman and Adam Savage for Discovery Channel.
On the features end, BermanBraun is developing the Ben Stiller comedy "Rentaghost" at Fox and an adaptation of the self-help book "Men Are From Mars, Women Are From Venus," starring Reese Witherspoon, at Lionsgate Summit.
"The production deal with MGM provides an exciting opportunity to collaborate with a team who embraces innovative concepts and new paradigms in this fast shifting landscape," Berman and Braun said in a statement.
"BermanBraun are prolific creators who embrace the future of television and we look forward to working with them as we continue to grow our television businesses," Khanna added.