Dave Kajganich has been hired pen the script, which follows a group of kids called the Losers Club that encounter a creature called It, which preys on children and whose favorite form is that of a sadistic clown called Pennywise. When the creature resurfaces, the kids are called upon to regroup again, this time as adults, even though they have no memory of the first battle.
The novel is set in 1958 and 1985, though the feature version will be set in the present day.
"It" was the best-selling book of 1986 and in 1990 was turned into an ABC miniseries.
The screen rights have bounced around town since then, and at one time landing at the WB and again at Sci Fi.
Kajganich, repped by UTA and Madhouse Entertainment, has stealthily made a name for himself with his dark materials, writing "The Invasion" for Warners and snagging gigs such as the "Pet Semetary" remake among others. He was recently tapped to write New Line's "Escape From New York" remake and is adapting "True Story" for Plan B and Paramount Vantage. The latter is a mystery drama.