Mirroring its strategy on the domestic front, Warner Bros. has decided to give up the development of theme parks overseas to focus on its expertise as a branding specialist. It announced Wednesday a long-term licensing agreement and partnership with Premier Parks Inc., a global regional theme park giant.

As part of the deal, Premier, which now holds the license for use of Warner Bros. characters in the United States and Canada, gets a long-term license for exclusive use of the Looney Tunes, Hanna-Barbera, Cartoon Network and D.C. Comics characters for theme parks in Europe and Latin America.

In addition, Premier has agreed to acquire for an undisclosed amount Warner...