Paramount Pictures and Warner Music Group (NASDAQ: WMG) announced a multi-year, first-look deal to develop theatrical films based on the lives and music of WMG's artists and songwriters.

The partnership will involve WMG and its production partner Unigram, led by Amanda Ghost and Gregor Cameron, working with Paramount to develop projects in collaboration with the artists, songwriters, or their estates.

"This collaboration with Paramount unites two forward-looking and innovative companies, and together we're taking a fresh approach to the space," said Robert Kyncl, CEO of Warner Music Group. "Every artist deserves to tell the stories behind their life and music in their own creative way, and we're excited to partner with our incredible talent and world-class filmmakers to bring these stories to the big screen."

Josh Greenstein and Dana Goldberg, Co-Chairs of Paramount Pictures, stated they are "excited to partner with WMG and their extraordinary artists to create powerful theatrical experiences inspired by generation-defining music and talent."

The announcement was made through a press release statement. WMG and Unigram are represented by WME in the partnership arrangement.