Netflix signed a deal with Paramount to license the Beverly Hills Cop movie and produce the fourth film with Eddie Murphy and producer Jerry Bruckheimer. If all goes well, there is an option for a sequel (or in this case, the fifth film). A reboot for the franchise has been in the works in a while, but this is the first time something seems to be taking off. Netflix will have control over the finances, director, and script of the movie.
This is the third time Paramount has collaborated with Netflix. The first two were distribution rights for Annihilation and The Cloverfield Paradox.
Source: Deadline