HBO and Sky have now 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.
A panel of executives from both organisations will be responsible for greenlighting the projects. The 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 the US and the Sky Atlantic brand in Europe.
In a statement, the companies said: "This is an unrivalled opportunity for production companies to have their content broadcast by two of the leading brands in worldwide television."
Within two years, the partnership anticipates reaching a consistent output, green-lighting at least two drama projects per year with the first project coming to screen in 2018.
The first projects of the partnership have been initiated in development, with announcements expected in the coming weeks.
Chairman and CEO of HBO, Richard Plepler, 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."
Jeremy Darroch, group CEO, Sky added: "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 story telling."