HBO and Sky announced today that they have formed a partnership to produce high-end drama series. The first projects are already in development as part of the $250 million co-production deal.

The companies announced they have “joined forces to oversee a development slate of world-class drama series. The focus of the arrangement will be on high-end productions that feature engaging stories with international points of view and casting.”

The announcement adds: “A panel of executives from both organizations will be responsible for greenlighting the projects. The HBO and Sky partnership will be open to pitches from across the creative community, in both the US and Europe, and is looking for ideas consistent with the content strategies of HBO in North America and the Sky Atlantic brand in Europe.”

The initiative aims to greenlight at least two drama projects per year, and anticipates that the first project will come to the screen in 2018. Announcements about the first projects are expected in the coming weeks.

Commenting on the pact today, Richard Plepler, chairman and CEO of HBO, said: “Sky has been a great partner for us and this deal allows even deeper collaboration between our two great companies, which have a long tradition in creating superior content for our customers. Together we represent the best in television and combined we will raise the bar even higher in pay TV programming.”

Added Jeremy Darroch, Group CEO of Sky: “HBO and Sky have for many years shared a common creative culture and a common vision for the development of high-quality drama. This new venture deepens that relationship, maintains our leadership position in world-class content, provides great opportunities for indies and gives our customers even more opportunity to enjoy brilliant storytelling.”