UPDATED 11/20, 10 a.m. ET: Amazon Studios has announced Coming 2 America will be released on March 5, 2021There's no word yet on whether there will be a theatrical release to coincide with the long-awaited sequel. 

Coming 2 America was sold from its original distributor of Paramount Studios to Amazon Studios for a hefty sum of approximately $125 million. The streamer is hoping to continue its recent success of purchasing big-name sequels for exclusive streaming on the platform, following the success of the Borat sequel

Coming to America was a cultural phenomenon that is one of the most loved and celebrated comedies of all time,” said Jennifer Salke, head of Amazon Studios, in a statement. “Thanks to Eddie Murphy’s comedic genius along with the brilliant filmmakers, writers and fabulous cast, we couldn’t be more excited to celebrate this new adventure. We know audiences around the world will fall in love with this hilarious, joyful movie that will surely become a timeless favorite.”

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Coming 2 America, the long-teased sequel to Eddie Murphy and Arsenio Hall's classic 1988 comedy Coming to America, will hit Amazon Prime in December. 

The projected streaming arrival date is Dec. 18, according to Variety, who said Tuesday that Paramount Pictures is now in the process of selling the comedy to Amazon Studios. Final details on the agreement are still said to be in the middle of being nailed down. However, at least according to Tuesday's report, the deal could (reportedly!) include tie-ins with McDonald's and Crown Royal. 

And while securing the Coming to America sequel would be a victory for anyone lucky enough to pull it off, Tuesday's report notes that Paramount's sale is arguably inspired by the studio's response to the ongoing COVID-19 pandemic, which has effectively paused any real chance at theatrical success.

Per Variety, the deal between Paramount and Amazon is worth an estimated $125 million.

Director Craig Brewer, who recently worked with Murphy on the acclaimed Dolemite Is My Nametold Entertainment Weekly back in December that he and the entire team were well aware of the power of stepping back into such a deep-rooted legacy when filming the sequel.

"There's this moment that I always go back to: when we were screening Dolemite Is My Name, I worked on Empire a little bit, so I had some of the writers come and take a look at the movie," Brewer said at the time. "They were all in the back row of the screening room, and Eddie and Arsenio walked in and sat down in the second row, just like old friends do. And I could see everybody in the back's eyes getting big and pointing down to both of them."

Presumably, we can now expect a new Coming 2 America trailer soon.