Warner Bros. Pictures Inc. will take an equity stake in Spyglass Media Group LLC, an independent content company created by former Metro-Goldwyn-Mayer Inc. CEO Gary Barber, Variety reported.

Spyglass Media also entered into a first-look deal to provide content to Warner Bros., according to the report. Financial terms for the deal were not disclosed.

Barber was vice chairman of Morgan Creek, the production company that worked with Warner Bros. on titles including "Robin Hood: Prince of Thieves" and "Ace Ventura," according to the Variety report. The news comes after WarnerMedia prepares to debut a direct-to-consumer streaming service later this year.

Spyglass Media also recently secured strategic equity investments from Italian film distributor/producer Eagle Pictures SpA and British cinema operator Cineworld Group PLC. The company is backed by Lantern Capital Partners LP affiliate Lantern Entertainment and controls assets held by the former Weinstein Company LLC.

AT&T Inc. owns Warner Bros.