The new pact extends the current agreement with Bay’s production company Platinum Dunes for an additional three years and expands it to cover Bay Films.
“With an ever-growing, worldwide fan base, Michael is truly one of the most inspired and beloved filmmakers of our time,” said Brad Grey, Chairman and CEO. “We take great pride in the fact that Michael is part of the Paramount family and we look forward to growing our productive and successful partnership.”
Bay directed and produced the “Transformers” films, “Pain and Gain,” the “Bad Boys” films, “The Island,” “The Rock,” “Pearl Harbor” and “Armageddon.” The four “Transformers” have grossed over $3.7 billion worldwide.
“Transformers: Age of Extinction” has grossed $967 million worldwide, making it the top grosser of this year.
Bay also produced “Teenage Mutant Ninja Turtles” with Platinum Dunes partners Brad Fuller and Andrew Form. “Turtles” will open Aug. 8.
Platinum Dunes produced “Project Almanac” for Paramount’s Insurge label, which will release the film on Jan. 30.
Bay’s deal is one of 15 first-look pacts at Paramount. Other key producing deals are with Jerry Bruckheimer, Lorenzo di Bonaventura, Mary Parent and Martin Scorsese along with David Ellison’s co-financing deal.