Tentpole director-producer Michael Bay has extended and expanded his first-look agreement with Paramount Pictures. The new deal, just announced, extends the current agreement with Bay’s production company Platinum Dunes for an additional three years, and also expands it to cover Bay Films. The pact begins immediately. This seems like a no-brainer for the studio: Bay’s pics have made more than $6 billion at the global box office, and his hits for Paramount include the Transformers series, the latest of which, Transformers: Age Of Extinction, is at $966.4 million worldwide since its release a month ago. In all, the four pics have grossed $3.7 billion.

“With an ever-growing, worldwide fan base, Michael is truly one of the most inspired and beloved filmmakers of our time,” Paramount chairman and CEO Brad Grey said. “We take great pride in the fact that Michael is part of the Paramount family and we look forward to growing our productive and successful partnership.”

Bay’s other popcorn pics include The Rock, Armageddon, Pearl Harbor, The Island, the Bad Boys movies and Pain & Gain. Platinum Dunes partners Bay, Brad Fuller and Andrew Form are next up with Teenage Mutant Ninja Turtles in August, horror pic Ouija and Project Almanac and a Friday The 13th reboot due in 2015.

Platinum Dunes is having a good run on the TV side too, with The Last Ship debuting this summer as cable TV’s top new series, and Starz’s swashbuckling pirate adventure series/Treasure Island prequel Black Sails, which seems destined for a third-season pickup.

Said Bay: “Over the years I have become part of the Paramount family. There is a synergy there that feels different than any other place in Hollywood. From Brad Grey and Rob Moore, where my relationship goes back more than a decade, to my very good friend Adam Goodman, and to Philippe Dauman, who has put so much trust in me, and with the powerful marketing of Josh Greenstein and Megan Colligan, Paramount makes for a very comfortable place to work.”