Paramount Pictures and Hasbro and teaming up to make live-action and animated films based on the toymaker’s products, as well as original stories. The movies will be developed by Hasbro’s newly launched Allspark Pictures and Allspark Animation. The announcement confirms a Variety scoop from last month about the formation of the company and the appointment of Greg Mooradian, a former Fox 2000 and Paramount executive, as its head. Allspark Animation will be led by Hasbro’s Meghan McCarthy.

The deal extends and deepens a long-standing partnership. Hasbro and Paramount have teamed up on five “Transformers” movies, as well as two “G.I. Joe” films. They are working together on an upcoming Transformers spinoff, “Bumblebee,” which opens in December 2018.

Paramount and Hasbro will finance the projects together, although the two companies did not provide additional financial information in a release announcing the deal. Paramount will distribute the pics. The two companies will also collaborate on television programming, and both will be involved in developing films and producing them. The pact lasts for five years and is exclusive.

The move comes as newly minted Paramount Chairman and CEO Jim Gianopulos is looking to rejuvenate the studio after a bruising period at the box office. Gianopulos replaced Brad Grey as studio chief last spring. In recent years, the studio has suffered a string of commercial disappointments, with the latest “Transformers” film, “The Last Knight,” underperforming at the box office. Other recent movies such as “Baywatch” and last weekend’s “Suburbicon” failed to resonate with audiences. Gianopulos has made several notable moves since taking the reins, extending a partnership with key financial partner Skydance Media and convincing “The Fast and the Furious” producer Neal Moritz to come to the Paramount lot.