MTV and television and film producer Jerry Bruckheimer will launch a video game development studio. Bruckheimer, producer of Walt Disney's successful "Pirates of the Caribbean" film franchise among a long list of film and TV hits like "CSI," said he plans to do for video games what he has done for other well-defined genres of content.

MTV Networks earmarked over $500 million earlier this year to invest in video games, including this venture, for its more than 300 Web sites and on game systems of Sony, Microsoft and Nintendo's .

The teaming up of Hollywood and the games industry has met with mixed success in the past.

Wachowski brothers "Matrix" series of games have not been breakout hits like the blockbuster films they were based on.

Left unanswered is how big of a budget the new studio will have at its disposal. Top tier games such as Microsoft's "Halo 3" and Activision's "Call of Duty 4" command budgets of anywhere from $20 million to well over $30 million.