It's been 16 years since the last Freddy Krueger movie, but Paramount is gearing up for a reboot of the horror franchise after it closed a deal for the US rights to adapt the original screenplay for "A Nightmare on Elm Street". The reboot is being developed under the studio's new genre label Paramount Primal. Domestic rights are being licensed from the Wes Craven estate, which includes Craven's widow Iya Labunka and son Jonathan Craven, who will produce alongside Marc Toberoff, the attorney who helped the filmmaker's family regain ownership of reboot.
While no plot details have been revealed, the untitled project will be set in the world of "A Nightmare on Elm Street" and is based on the original 1984 film. Paramount's new genre label aims to partner with up-and-coming storytellers and established filmmakers to produce smartly budgeted films across the horror, comedy, action and science fiction genres. The reboot is executive produced by J.D. Lifshitz and Raphael Margules, the producing team behind "Weapons", "Barbarian", "Companion" and "Friendship", for Paramount Primal.
Labunka said the following in a statement: "Jonathan and I are so excited to be partnering with J.D. and Rafi along with the terrific team they've assembled at Paramount Primal. We look forward to bringing the world of Wes Craven's 'Nightmare on Elm Street' to a new and completely engaged generation of fans. We know that Wes would have been thrilled to see how horror is taking its long overdue place in the cultural canon. We can't wait for all of us to sit together in a dark theater — around the campfire of today — as the next chapter of the 'Nightmare' story unfolds".
The "Nightmare of Elm Street" franchise includes nine films, a TV series and several video games. The last film was the 2010 reboot "A Nightmare on Elm Street", which grossed more $115 million worldwide against a $35 million budget. New Line previously released the movies and retains international rights to the series. Paramount is in the process of buying New Line's parent company Warner Bros. Discovery.
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