‘Halo 5’ Release Date News: Next Halo Sequel At E3 Along With Halo TV Series Produced By Steven Spielberg [VIDEO]

Microsoft has teamed up with some big hitters in the entertainment industry to make its next gen console an all-around competitor. Microsoft and 343 Industries introduced a new layer to the "Halo" franchise.

At the Xbox worldwide reveal yesterday the gaming giants announced they would be adding a new expansion to the Halo Universe - a live-action TV series that will coming to Xbox Live and Stephen Spielberg will be executive producer.

"The Halo universe is an amazing opportunity to be at that intersection where technology and myth-making meet to produce something truly groundbreaking," Spielberg said on a pre-recorded video.

This isn't the first time we've seen effort to make a "Halo" TV or film Adaptation. Back in 2006 Peter Jackson announced "Halo Chronicles," a "completely new and original chapter" in the Halo series. Unfortunately that project was scraped before it even started.

And last Year Microsoft released a live-action series, "Halo 4: Forward Unto Dawn" in preparation for the Halo 4 video game launch.

Microsoft's president of entertainment and media, Nancy Tellem, in an interview with Variety says the operation budget for the new "Halo" project will mirror HBO's "Game of Thrones" and other high-caliber shows.

Sounds like we won't be seeing Microsoft's next big project anytime in the near future but Tellem says, "For us, it's about taking the necessary time to produce the right shows."

Microsoft Vice president Phil Spencer confirmed to IGN that the new "Halo" project will not be exclusive to Xbox Live. There has been no new information provided at this time.

But with the release of this news and the next gen console gamers should be expecting to hear nothing but games at this year's E3 event.

Microsoft's Aaron Greenberg stated that since the Xbox One was revealed before E3 that during this year's event games will be a priority for Microsoft.

"We probably right now aren't talking about [games] maybe as much as we should, because we're talking so much about what's new," said Greenberg. "But, when we go to E3 you'll see us go almost all gaming, and that'll be our main focus there."