Paramount lands U.S. rights to A Nightmare on Elm Street; new movie in the works

An image of Heather Langenkamp as Nancy in Wes Craven's New Nightmare - Courtesy of Warner Bros.

Everyone's favorite dream demon is returning to the big screen. That's right, there's going to be a new Nightmare on Elm Street film after Paramount Pictures closed a deal with Wes Craven's estate for the U.S. rights to the original screenplay. Craven wrote and directed the first film, which jumpstarted an entire franchise that dominated horror in the 1980s as a big box office draw.

According to the Hollywood Reporter, which broke the news, the rebooted Nightmare on Elm Street film will be part of Paramount's new genre label, Paramount Primal. The label is led by J.D. Lifshitz and Raphael Margules, who produced Barbarian and Friendship.

The Hollywood Reporter also noted that the U.S. rights are being licensed from Craven's estate, and this includes Craven's widow, Iya Labunka and his son, Jonathan Craven. They will produce the new iteration, along with Marc Toberoff, the attorney-turned-producer who specializes in copyright law. Additionally, Lifshitz and Marguels will serve as executive producers for Paramount Primal.

In total, there have been nine films in the popular franchise. These include the six original movies, Wes Craven's New Nightmare, a 2010 remake, and Freddy vs. Jason. Freddy Kreuger has not appeared on the big screen since the remake, which was largely panned by critics and audiences alike for being a nearly shot by shot redo of the initial film. New Line Cinema, and later its corporate owner Warner Bros., previously held all rights to the franchise, which kicked off with the first film in 1984. New Line later earned the nickname "the house that Freddy built" because of the franchise's massive success.

In a statement published by The Hollywood Reporter, Labunka said, "We look forward to bringing the world of Wes Craven's Nightmare on Elm Street to a new and completely engaged generation of fans," adding, "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."

There's no word yet on who will write and direct the upcoming movie, though it's unlikely Robert Englund will reprise the iconic role, due to the grueling make-up process and his age. He's stated on record over the last few years that he's done playing the razor-gloved demon. So far, Paramount promises that the reboot will be set in the world of A Nightmare on Elm Street and based on the initial screenplay.

In that first film, Kreuger battles against final girl Nancy (Heather Langenkamp), after killing off her friends in their dreams because their parents burned him alive. Over subsequent sequels, Englund injected doses of campy humor into the character, and he became a pop culture icon.

We'll continue to share news about the reboot as we have it.