Ryan Reynolds to star in 'Six Underground' for Netflix

Netflix will co-finance and distribute Bay's film. This will be the first time the director and actor will be working with the streaming service.

Bay's home studio, Paramount, was considered at one point, given their long-standing relationship.

Netflix won out after it committed to Bay's budget of around $125 million, making it the studio's biggest production to date, passing The Irishman, which sources say had a budget of around $106 million, reports variety.com. The deal is another milestone for Netflix and film chief Scott Stuber as the studio continues to draw major talent. Netflix has been drawing more stars like Will Smith and Brad Pitt, but Bay is one of the first big-name directors to bring a tentpole to the studio.

Six Underground is targeting a summer start of production for a worldwide release in 2019 on Netflix.