Netflix is doubling down on the Eddie Murphy business.

The streaming giant behind “Dolomite Is My Name,” Murphy’s acclaimed return to movies, will produce and release on its service a new installment in the “Beverly Hills Cop” franchise, as part of a licensing deal with Paramount Pictures. The comedian will star and Jerry Bruckheimer will return to produce. Netflix also has the rights to produce a potential second film.

Viacom, the parent company of Paramount, announced the news during its fourth-quarter earnings call on Thursday. Netflix declined to comment.

The agreement is part of Paramount Pictures’ continuing partnership with Netflix. The two entities joined forces soon after Jim Gianopulos became chief executive of Paramount in 2017. The studio supplied the streaming giant with “13 Reasons Why” and “Maniac,” among other series. The two companies also collaborated to debut “The Cloverfield Paradox” on Netflix in a marketing stunt following the 2018 Super Bowl. Paramount similarly unloaded the horror film “Eli” to the streaming service in addition to the international rollout of the sci-fi drama “Annihilation.”

The announcement follows Viacom’s news Wednesday that its Nickelodeon division will create and produce original animated feature films and television series based on its stable of beloved properties, including “SpongeBob SquarePants” and “The Loud House” for Netflix. Without a streaming service of its own, Viacom is diversifying its revenue streams by selling content to the competing services.