It was announced Wednesday that Sony Pictures Television (SPT) has taken a minority stake in U.K.-based Stolen Picture and signed an exclusive television distribution deal. Stolen Picture, the new production banner founded by Hot Fuzz stars Simon Pegg and Nick Frost, will produce television, film, and digital projects geared toward a global audience across genres and formats.

Pegg and Frost are longtime friends and former roommates who have also appeared together in the British sitcom Spaced and the films Shaun of the Dead, Hot Fuzz, Paul, and The World’s End. Pegg is currently reprising his Mission Impossible role in the latest installment of the blockbuster franchise, while Frost is filming the third season of AMC’s Into the Badlands.

Stolen Picture’s first project is the film Slaughterhouse Rulez, currently in production for Sony Pictures International Productions (SPIP). The film stars Finn Cole, Asa Butterfield, Hermione Corfield, and Michael Sheen alongside Pegg and Frost. The comedy-horror is directed by Crispian Mills from a script he co-wrote with Henry Fitzherbert. Sony Pictures Releasing International has worldwide rights to distribute.

It has also been announced that Stolen Picture will add Miles Ketley as CEO. Ketley was previously COO at the independent production company Bad Wolf.

“We couldn’t be more thrilled to announce this,” said Wayne Garvie, chief creative officer for International Production at Sony Pictures, in a statement. “Nick and Simon are good friends of the Sony group already, and this deal will help us take things to the next level. I’m sure that their boundless zest and creativity, coupled with Miles’ insight and energy, will help build Stolen Picture into an exceptional production company.”

“We’re inordinately excited to be partnering with Sony and hope to create a diverse range of television and film in line with our own sensibilities,” said Pegg and Frost. “More than that, we hope to receive free Walkmans and a lifetime’s supply of cassettes.”