Jeff Franklin, creator of “Full House” and “Hangin’ With Mr. Cooper,” and Lorimar TV have mutually agreed to terminate their exclusive arrangement, a spokesman for the producer confirmed.

Franklin will continue to have “some involvement” with both series, the spokesman said, and will retain a financial interest in the two shows.

Final details of the separation are still being worked out, and Lorimar declined comment.

“Full House,” a long-running ABC hit created by Franklin and produced by his Jeff Franklin Prods. in association with Miller-Boyett Prods. and Lorimar, has already been renewed through the 1994-95 season, the show’s eighth. “Mr. Cooper” will begin its second year in the fall.

Franklin, who has written for numerous sitcoms and served as a producer on “Laverne & Shirley,” signed a major three-year exclusive deal with Lorimar in March 1991.

The parties had a reported falling out, however, over “Hangin’ With Mr. Cooper,” with Franklin leaving last September less than two weeks before the series premiered.

The show completed production for the season under exec producer Danny Kallis , although Franklin retained a series credit.

Franklin is now said to be talking to NBC about a new series project. The producer has been affiliated with Lorimar since 1985, and also produced the ABC movie “To Grandmother’s House We Go,” starring “House’s” moppet duo Mary Kate and Ashley Olsen.

“Mr. Cooper” aired in the coveted post-“Full House” slot throughout the ’92- 93 season but will move to Fridays in the fall.

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