After five years of development on the project, Warner Bros. Pictures is handing over development of its new film adaptation of Stephen King's "It" to its New Line division.
It's a rare move, but not unanticipated as the companies are now becoming more clearly defined about what films they intend to make. New Line will now take the lead on horror projects.
At last report, filmmaker Cary Fukunaga ("Jane Eyre," "True Detective") had been hired to direct a two-film adaptation of "It" which Roy Lee, Dan Lin, Seth Grahame-Smith and David Katzenberg will produce.
The story follows a group of teen nerds and outcasts (nicknamed 'The Losers Club') in 1958 who encounter 'It', a shapeshifting creature which feeds on children and whose favorite form is that of a sadistic clown called Pennywise.
In 1985 the creature resurfaces. The kids, who're now adults, must take on the demon of their childhood again - this time in a different form. The new films are expected to be updated for contemporary times.
Source: Heat Vision