Fourth 'Beverly Hills Cop' movie in the works at Netflix

Netflix is developing a fourth film in the "Beverly Hills Cop" franchise, fronted by celebrated actor-comedian Eddie Murphy. Murphy's latest comedy "Dolemite is My Name" is currently showing on the streaming platform. The upcoming film will see the 58-year-old actor reprising his role as Axel Foley, a street-smart Detroit cop who finds himself transplanted to the tony streets of Beverly Hills.

The first two movies in the franchise were blockbuster hits, but 1994's "Beverly Hills Cop III" was a commercial and critical disaster.

Paramount Pictures released the three previous films but has given the rights of the fourth movie to Netflix.

According to Variety, Bob Bakish, CEO of Paramount's parent company Viacom, confirmed the news during a call with analysts on Thursday.

Jerry Bruckheimer will produce the film for Paramount, which retains the rights to the intellectual property and the first three movies. As per the deal, Netflix can produce one more film in the series.