The deal runs over two years and gives Waller-Bridges company the first opportunity to develop FMPs productions for television.
Wells Street Films is currently under a first-look deal with Amazon MGM Studios.
Waller-Bridge and FMP head Francesca Moody know each other well.
Francesca Moody and Phoebe Waller-Bridge
The pair first collaborated in 2013 at the Edinburgh Fringe on the stage production ofFleabagdirected by Vicky Jones.
The show transfers to Soho Theatre from 5 March 5 April 2025.
Waller-Bridge launched Wells Street Films in 2019 with Jenny Robins.
The company currently has multiple shows in development with Amazon under their overall deal, includingTomb RaiderandSign Here.
Waller-Bridge added: We are thrilled to be partnering with FMP on a first-look deal.