Top Hollywood producer Joel Silver has exited his production company Silver Pictures, Variety has confirmed.

“Joel Silver recently indicated that he intends to leave Silver Pictures and go out on his own,” Hal Sadoff, a former ICM Partners agent who joined Silver Pictures several years ago as CEO, said in a statement. “We are working with him to define a productive way forward, given his ongoing contractual obligations to the company. Meanwhile, we are continuing to move ahead with our slate of exciting projects and have had very positive discussions with our studio partners around town.”

Silver first founded the prolific film production company in 1980, spawning a number of hit films and television shows including the popular franchises “Lethal Weapon,” “Sherlock Holmes” and “The Matrix” in addition to “Predator,” “Tales From the Crypt,” “V for Vendetta,” “The Book of Eli,” “Veronica Mars,” “House on Haunted Hill,” “Ghost Ship” “Non-Stop” and “The Nice Guys.”

Silver also made headlines in 2012 when he ended a 25 year relationship with Warner Bros. who paid the producer approximately $30 million for the rights to more than 30 of his films. However the agreement also prevented him from obtaining any future revenue from the company’s numerous hit franchises.

Upcoming projects for the production company include the third entry into the “Sherlock Holmes” franchise and a horror-thriller called “Dark Moon” about a black-ops mission in space.

Deadline first reported the news.