J.J. Abrams close to striking production deal with WarnerMedia

The Hollywood Reporter reported on Tuesday that the multi-year deal is valued at $500 million.

CNN Business could not immediately verify THR's report. WarnerMedia declined to comment for this story.

Variety previously reported that WarnerMedia and Apple were locked in a bidding war for Abrams, one of the most popular producers in Hollywood. Both companies are launching streaming services later this year that will need the kind of prestige content that Abrams is known to produce.

He has directed two "Star Wars" films, two "Star Trek" films and "Mission: Impossible III." He's also produced popular TV shows like"Lost" for ABC. Abrams already has a relationship with WarnerMedia through Bad Robot's production of HBO's "Westworld" and the upcoming "Lovecraft Country."

Abrams is just the latest in a string of high-profile producers who have been courted for a major production deal with a streamer. Netflix signed producer Shonda Rhimes in 2017 for around $150 million. Then in 2018, the streaming company signed producer Ryan Murphy for up to $300 million.

"Obviously, these companies want to build out their footprint in this market and franchises help do that," BTIG media analyst Rich Greenfield told CNN Business earlier this month. "J.J. has worked on some incredible franchises, so I think owning people that create sustaining franchises is important."

WarnerMedia is CNN's parent company.