According to the LA Times, the deal will give Pepsi the option of not just sponsoring the content, but also of taking an ownership stake in what is produced. Braun is quoted as saying that the Pepsi content could end up being distributed on sites like Facebook.

Pepsi is the boutique studio's first sponsor, and Variety reports that the first projects related to the deal aren't expected for a few months. BermanBraun also has a separate first-look agreement with NBC Universal, and is planning on building a digital content studio for its productions in Santa Monica.

In a statement issued Wednesday, Berman and Braun touted the "tremendous benefits from both a creative and marketing standpoint."

Pepsi was attracted to Berman and Braun for "their proven track record in developing creative and entertaining content," said Ralph Santana, veep of sports, media and entertainment marketing, Pepsi-Cola North America.

"Pepsi Entertainment was formed to provide innovative and compelling programming and we know this partnership will help us achieve this goal online."