Billionaire Haim Saban is announced a partnership with Lions Gate Entertainment Corp. on a theatrical film based on the 1990s children’s TV show that launched his media empire.

Saban Brands on Wednesday announced a deal with Santa Monica’s Lions Gate Entertainment Corp. to bring a re-envisioned “Mighty Morphin Power Rangers” live-action movie to theaters. “Power Rangers,” a campy, martial arts and fantasy TV show with an after-school following in the 1990s, was Saban’s first hit show.

“The Power Rangers stories and characters have been embraced by generations of audiences for more than 20 years, and today they are more powerful than ever,” Lions Gate Chief Executive Jon Feltheimer said in a statement.

Also, Saban announced it was forming its own film company with plans to acquire eight to 10 independent feature films per year and to distribute them in North America. Bill Bromiley, formerly of chief acquisitions officer for RLJ Entertainment in Bethesda, Md., has been named Saban Films’ president.

Saban, chief executive of Saban Capital Group Inc. in Century City, said a film business was a natural progression for his family of companies, which includes media properties arm Saban Brands.

“I have a long-standing and deep affection for independent film and saw an opportunity in the theatrical distribution arena as well as an emerging distribution platform strategy that focuses on cable, satellite, and telco VOD,” Saban said in a statement Tuesday.

Lions Gate shares on Wednesday closed down 63 cents, or 2.4 percent, to $25.55 on the New York Stock Exchange.