Paramount Pictures and Hasbro Inc. will partner to produce and distribute content based on Hasbro brands and original stories. The two companies will collaborate on live-action and animated films, with Hasbro’s Allspark Pictures and Allspark working with Paramount Pictures for development and production.

This announcement expands on an existing relationship between the two companies. Hasbro and Paramount have partnered on five Transformers movies to date, two G.I. Joe films, and the first Transformers spinoff Bumblebee is slated for early next year.

Paramount and Hasbro will finance the projects at varying levels of investment, and Paramount will distribute the projects produced during the five-year term of this deal worldwide. Paramount and Hasbro will also work together for TV programming.