This Week:

Will Ferrell and John C. Reilly to reunite on Devil’s Night; DreamWorks plans to reinvent He-Man, Voltron, and Rocky and Bullwinkle; Emma Watson will reteam with her The Perks of Being a Wallflower director; Disney’s Maleficent will undergo rewrites and reshoots; and Relativity Media has dropped Stretch Armstrong.

Will Ferrell and John C. Reilly are in early negotiations to reteam for Devil’s Night, a new comedy centered on the malicious “holiday.”

For those that might not know, Devil’s Night takes place on October 30th, and is when teenagers wreak all sorts of havoc on their neighborhood. This feature film will follow two estranged friends, Leonard and Gabe, who bonded and were subsequently torn apart by the debauchery of Devil’s Night, and must reunite 15 years later to save their neighborhood.

Although Ferrell and Reilly are known to make cameos or take on supporting roles in each other’s movies, it wasn’t until the 2008 film Step Brothers that the two truly headlined a film together. Since then, fans have been dying for them to reteam – there was even talk of a Step Brothers 2 – and now it appears Devil’s Night will grant their wish.

In addition to a basic premise, we know that Andrew Mogel and Jarrad Paul (Yes Man) are writing the script, and Ferrell’s Gary Sanchez production company (Anchorman 2) will help finance the film.

Source: The Wrap

DreamWorks’ Jeffrey Katzenberg revealed his studio plans to “reinvent” popular cartoons like Masters of the Universe, Voltron, and Felix the Cat for the big and small screen.

After acquiring the Classic Media Library in 2012, most assumed DreamWorks would turn many of the properties contained within the library into films, and now Katzenberg has confirmed those assumptions. With dozens of properties to choose from, however, it’s unclear which properties DreamWorks might gravitate towards first.

As part of his keynote Q&A with MIPCOM in Cannes, Katzenberg name-drops a few of the Classic Media Library properties, including Lassie, Voltron, and Masters of the Universe, and says that the plan is to “take every one of those franchises and reinvent them.” That means not just as feature films, but also episodic web series and standard-form TV series as well. Head to the 28:55 mark in the above video for more info.

Those who regularly listen to the Screen Rant Underground will know which beloved ’80s and ’90s cartoons we’d like to see “reinvented,” and coincidentally He-Man and Voltron are towards the top of our list. Of course, there’s a big difference between finding worthwhile source material, and making a competent and successful blockbuster out of it. In other words, for every Transformers there’s a Battleship.

Source: The Wrap

Emma Watson has signed on to star in While We’re Young for writer/director Stephen Chbosky, whom she previously worked with on The Perks of Being a Wallflower.

While We’re Young is based on the novel 29, While We’re Young by Adena Halpern, which follows a 75-year-old woman who spends a single day as her 29-year-old self. The script for While We’re Young was originally written by Karen McCullah and Kiwi Smith, but 500 Days of Summer writers Michael Weber and Scott Neustadter have since been brought on to rewrite it.

This will be only the third feature film directed by Stephen Chbosky, who made a name for himself as an accomplished novelist before working as a writer on the short-lived TV series Jericho and later adapting The Perks of Being a Wallflower (his own book) for the big screen. Apparently, Emma Watson’s time on that film was pleasant enough that she’s willing to take the ride with Chbosky again.

Source: Deadline

John Lee Hancock (Saving Mr. Banks) has been hired to write a few new scenes and help with reshoots on Disney’s Maleficent.

Although Hancock will be scripting new scenes and will be on-set in an advisory capacity, producer Joe Roth wanted to stress that original director Robert Stromberg has not been replaced. Stromberg, who was handed the Maleficent job as his first feature, will still oversee the 8 days worth of reshoots, which will apparently not feature star Angeline Jolie.

While Roth notes that the “last 75 minutes are gorgeous and entertaining,” the film’s opening is apparently lacking, and so Hancock was brought on for some assistance. It’s not unheard of for a feature of this size ($200 million budget) to undergo reshoots – case in point: World War Z – but it’s typically a sign that either the studio is unhappy or the film is not testing well with audiences. Still, Disney would likely rather bring additional talent on and eat the extra cost if it means the end-product will be better.

Source: THR

Stretch Armstrong may have outreached his grasp, as Relativity Media has dropped the project from their release calendar.

The adaptation of the Hasbro toy was slated to film in Canada this summer with Breck Eisner behind the camera, but apparently those plans didn’t pan out. Relativity believes the film will find a home and will be successful, but other commitments forced them to abandon the project.

After spending 5+ years in development, things are not looking good for Stretch Armstrong…again. At one point, the film was in development at Universal with Taylor Lautner attached to star, but the project failed to gain any traction. After that, Universal decided it was best to drop the property, at which point Relativity scooped it up. Now that another owner has passed, it’s hard to predict whether Stretch Armstrong will get a third chance.

Source: THR