The first collaboration will be the film of Brett C Leonard's play Unconditional, which explores gender and racial issues within New York City and is being adapted for the screen by Leonard.
Hoffman intends to act as producer on most Cooper's Town projects, although he famously starred in and won the best lead actor Oscar for 2005's Capote.
Overture CEO Chris McGurk worked on that film as then vice chairman of MGM, as did Overture COO Danny Rosett in his capacity as president of United Artists and the film's executive producer.
Cooper's Town will remain in separate offices in New York and will work on development with Overture's executive vice president of production and acquisitions Robert Kessel.
Rosett called Hoffman 'an unparalleled talent,' adding: 'We're honoured to be partnering with him and Emily and know they'll bring a compelling group of projects to our slate.'
'Danny and Chris were the first to infuse life into Cooper's Town with their unflinching support of Capote,' Hoffman and Ziff said. 'Re-teaming with them now is the natural evolution of a satisfying and successful creative relationship.'
Robert Marshall of Greenberg Glusker negotiated the deal for Cooper's Town.