J.J. Abrams signs deal with Paramount and Warner Bros.

J.J. Abrams, the creative force behind the hit "Lost" series, signed deals with Paramount Pictures and Warner Bros. worth over $55 million, officials said Saturday.

The multi-year deals, five years for Paramount and six years for Warner Bros., make Abrams one of the highest paid writer-producers in Hollywood.

Among Abrams' first projects under his film deal for Paramount is the renewal of the "Star Trek" series, in addition to other movies budgeted under $25 million.

"I have nothing against larger budget films, but as someone who's worked in television, I know that some pretty powerful stories can be told for somewhere under $200 million," Abrams said, whose first directorial work for the studio was this year's "Mission: Impossible 3."

His deal with Warner Bros. includes the development of several new TV programs for the studio.

"J.J. is a unique and extraordinary talent that I have admired from a distance for many years," said Warner Bros. Television President Peter Roth. "Fortunately, with time and patience we were able to entice him over to Warner Bros. Television."

Abrams is entitled to over 35 percent of revenue from DVD sales, Internet downloads and syndication.