Abrams runs media company Bad Robot with his wife, Katie McGrath. Bad Robot is responsible for shows and movies including Westworld, Star Wars: The Rise of Skywalker, Lost, Fringe, Mission: Impossible Fallout, Star Trek, Cloverfield and Alias.
The deal entered final negotiations Monday, The New York Times reported, citing two sources involved. It said the deal will cover TV shows, movies, music, digital content, consumer products and even video games.
The reported WarnerMedia deal comes despitefor the service, Stephen King's Lisey's Store.
According to the Times, Bad Robot content was last sold off in a deal to Paramount back in 2006 for between $55 million and $65 million.
AT&T's WarnerMedia service will reportedly be available in beta later this year, and could be available fully by March 2020.
Last week, it was reported that AT&T could be dropping its plans for ain favor of a month.
John Stankey, an AT&T executive heading up WarnerMedia, said last year that the streaming service would cost more than HBO Now's $15-a-month subscription.
WarnerMedia didn't immediately respond to a request for comment.