Next Games has revealed that it has signed a co-development agreement with a "significant" global media company to develop a mobile game.

The total value of the agreement is up to $16.5 million that will be paid to Next Games across the next five years.

Next Games will preserve the ownership rights of any IP that results from the agreement.

A logical continuation

"The partnership is a logical continuation of Next Games’ strategy to focus on building long term strategic partnerships, as well as strengthening the company’s portfolio and position with different deal structures," said Next Games CEO Teemu Huuhtanen.

"The game is developed on, and will run on, Next Games’ proprietary technology platform. Next Games retains the ownership of the game’s intellectual property rights."

Next Games has previously partnered with numerous global media companies to develop mobile games. These include a partnership with Netflix to create a mobile game based on the Stranger Things series and AMC to create The Walking Dead: No Man’s Land, which has generated over $151 million since its launch.

Last week, Nexon announced a partnership with Games Workshop to develop a new "socially interactive," player-versus environment mobile title based on Warhammer: Age of Sigmar.