Murphy’s new comedy “Dolemite is My Name” is currently showing on the platform, earning the actor some of the best reviews of his career. The film will see him reprise his role as Axel Foley, a street-smart Detroit cop who finds himself transplanted to the tony streets of Beverly Hills. The first two films in the series were huge hits, though 1994’s “Beverly Hills Cop III” was a commercial and critical disappointment. Paramount released all three previous films, but is licensing the rights to Netflix.

Bob Bakish, CEO of Paramount’s parent company Viacom, confirmed the move during a call with analysts on Thursday. The studio is still in the Eddie Murphy business. It will release “Coming 2 America,” a sequel to the 1988 hit “Coming to America,” in 2020. Paramount had tried for years to get a follow-up to “Beverly Hills Cop” off the ground, at one point even considering launching a television series.

Jerry Bruckheimer will produce the sequel for Paramount. The move comes when follow-ups and reboots to aging properties such as “Terminator,” “The Shining,” “Men in Black,” and “Shaft” have fallen flat at the theatrical box office.

The deal also enables Netflix to produce one more sequel. Paramount will retain rights to the underlying intellectual property and the first three movies.