‘Nightmare on Elm Street’ Getting Rebooted by Paramount in Deal With Wes Craven Estate

Freddy Krueger is ready for another close up.

Paramount has closed a deal for the U.S. rights to adapt the original screenplay for “A Nightmare on Elm Street,” under its new genre label Paramount Primal. The The U.S. rights are being licensed from the Wes Craven estate, which includes Craven’s widow Iya Labunka and Craven’s son Jonathan Craven. The duo will produce the film with Marc Toberoff, an attorney who helped the filmmaker’s family get the rights back to the kickoff film.

The yet untitled film is priority development under Paramount Primal; plot details have yet to be revealed, but it will be set in the world of “A Nightmare on Elm Street” and based on the first 1984 film. That means more of Kruger, the iconic child killer with the burned face and metal claws.

Paramount’s new genre label is being led by J.D. Lifshitz and Raphael Margules, the producing team behind “Weapons,” “Barbarian,” “Companion” and “Friendship.”

“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,” said Iya Labunka in a statement. “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 theatre – around the campfire of today – as the next chapter of the Nightmare story unfolds.”