Actress Catherine Zeta Jones has followed her engagement to Michael Douglas by signing a multi-million pound deal to make up to 12 Hollywood films.

The 30-year-old is entering film production for the first time with her new company Zeta Films, which is jointly run by the star and her younger brother Lyndon.

The move sees her following in the footsteps of 55-year-old Douglas, who co-produced the Oscar-winning One Flew Over The Cuckoo's Nest at the age of 31. He has also produced Flatliners, Romancing The Stone and The Jewel of The Nile.

US trade paper Variety reports she is teaming up with Initial Entertainment Group for the two-year deal, which will see Zeta Films co-producing between two and six pictures each year with budgets of up to $50m (£31m).

Zeta Jones' older brother David is a senior figure at IEG, which will finance the films. The company is also backing Leonardo DiCaprio's new film Gangs Of New York.

She said: "IEG has assembled a great workforce and I respect them, both on a business level and a creative level. I look forward to being part of the team."

Michael Douglas announced their engagement on his website on Thursday.

It has been reported in the British press that Zeta Jones is to sign a pre-nuptial agreement to protect his fortune, after reports that his divorce from previous wife Diandra Luker cost him more than £40m.