'Insecure' creator Issa Rae just signed a deal to produce new shows and films for WarnerMedia

The 36-year-old actress and executive producer's media label Hoorae has signed a new five-year contract with WarnerMedia, which also owns CNN, to produce a number of new shows and movies, according to a statement from HBO released Wednesday.

Variety, which first reported the news Wednesday morning, estimates the value of deal to be $40 million.

WarnerMedia declined to comment on Rae's compensation, but the company says "Insecure" was a "breakthrough series" for the network. The African-American woman-centered dramedy tells the story of Rae's often hilarious career and romantic misadventures in Los Angeles. The show has earned four Emmy Award nominations and a 2018 Peabody Award win for entertainment since debuting on HBO in October 2016.

"This new deal is an opportunity to leverage the strength of WarnerMedia to provide a multitude of platforms for Issa's formidable talents as a producer and storyteller," Casey Bloys, chief content officer for HBO and HBO Max, said in a statement.

The deal gives HBO, HBO Max and Warner Bros. exclusive rights to Rae's TV shows. It also includes a first-look film deal for WarnerMedia's movie brands, including Warner Bros. Pictures Group, HBO Max and New Line Cinema.

Rae was discovered by HBO after producing her 2011 web series "The Misadventures of Awkward Black Girl," before creating "Insecure." She said HBO has been supportive her work since she first met with Bloys in 2012.

"I'm thrilled to not only spread my creative wings with the network that makes all of my favorite series, but also to produce culturally resonant stories with new voices that incite exciting conversations via Hoorae's expanded relationship with all WarnerMedia platforms," Rae said in a statement.

Rae and HBO inked a two-year overall deal on "Insecure" in 2016 ahead the show's October debut that same year.