The Los Angeles and New York-based company aims to produce two to three pictures a year across a range of genres and budget. Warner Bros will handle domestic and international marketing and distribution for all the titles that fall under the first-look deal.
Shaye and Lynne have hired longtime New Line production executive Mark Kaufman as well as Jonna Smith, Alexandra Loewy, Leah Holzer and Christina Delgado.
'We're looking to make movies that we like and also have wide commercial appeal,' Shaye said. 'We're excited, and pleased to set up shop in association with Warner Bros, which we know well and regard as one of the preeminent studios in Hollywood.'
'This is the beginning of an exciting new chapter for us,' Lynne said. 'We've learned a few things over the years, and we're looking forward to applying our experience to creating a new and different independent film company.'
'I've known and admired Bob and Michael for years,' Warner Bros chairman and CEO Barry Meyer said. 'Their talent, vision and passion defined and drove the success of New Line for decades. We're very excited about this new association with our studio and to have them producing films for us.'
The studio's president and COO Alan Horn added that Shaye and Lynne had created 'a terrific track record and an esteemed reputation in the film business.' He added: 'Their leadership of New Line produced some of the most successful film franchises of all time, and we look forward to the continuation of their legacy of innovation and creativity.'