Prince Harry and Meghan Markle have launched a production company, which will be based at Netflix. The Duke and Duchess of Sussex have signed a multi-year deal with the streaming giant for scripted series, docuseries, documentaries, features and children's programming.

There are already several projects in development under the deal, including an innovative nature docu-series and an animated series that celebrates inspiring women. Both would appear in documentaries. Markle has no plans to return to acting, having last appeared in the USA Network drama Suits, which wrapped its run in 2019.

Prince Harry and Markle in the past several weeks met with a number of traditional media companies and streamers about a mega deal, which some sources say could potentially be worth as much as $150 million. The focus of the duo, who relocated to California earlier this year, is to highlight diverse voices in front of and behind the camera. They are committed to diverse hiring practices for the key roles they are actively filling at their production company.

In launching a company and signing a big deal with Netflix after leaving royal life, Prince Harry and Markle mirror the move made by President Barack Obama and Michelle Obama after leaving the White House.

View this post on Instagram

#PrinceHarry and #MeghanMarkle are headed to #Netflix. The royal couple, who now live in California, have signed a multiyear pact with the streamer. Link in bio for more details. (📸:@gettyentertainment)

A post shared by Hollywood Reporter (@hollywoodreporter) on Sep 2, 2020 at 11:40am PDT

`Harry and Meghan have inspired millions of people all around the world with their authenticity, optimism and leadership,` said Ted Sarandos, co-CEO and Chief Content Officer of Netflix. `We're incredibly proud they have chosen Netflix as their creative home - and are excited about telling stories with them that can help build resilience and increase understanding for audiences everywhere.`

Most recently, The Duke worked closely with the filmmakers of the documentary Rising Phoenix, in which he also appears. The documentary premiered last week on Netflix.