Paramount has secured the US rights to develop a new A Nightmare on Elm Street film, marking the return of Freddy Krueger to the big screen. The project will be produced under the studio’s newly launched genre label, Paramount Primal.
According to Variety, Paramount has licensed the domestic rights to the original A Nightmare on Elm Street screenplay from the estate of creator Wes Craven. Craven’s widow, Iya Labunka, and son, Jonathan Craven, will produce the film alongside attorney Marc Toberoff, who helped the family regain ownership of the original screenplay. New Line Cinema, which previously released the franchise, will retain international rights.
Paramount also officially unveiled its new genre label, Paramount Primal, which will focus on modestly budgeted horror, comedy, action and science fiction films. The label is led by producers J.D. Lifshitz and Raphael Margules, whose recent credits include Weapons, Barbarian, Companion and Friendship. Both will serve as executive producers on the reboot.
Expressing their excitement, Labunka said she and Jonathan Craven were delighted to partner with Paramount Primal to introduce Wes Craven’s iconic horror world to a new generation of audiences. She added that Craven would have been thrilled to see horror receive greater cultural recognition and said they looked forward to audiences experiencing the franchise’s next chapter together in cinemas.
Freddy Krueger has appeared in nine films, as well as a television series and several video games. The character last returned to cinemas in the 2010 reboot of A Nightmare on Elm Street, which earned more than $117 million worldwide against a reported production budget of $35 million.
The Wes Craven estate is represented by WME, Industry Entertainment and Ziffren Brittenham LLP.
