Paramount has closed a deal for the U.S. rights to adapt the original screenplay for "A Nightmare on Elm Street," according to a press release.

The studio has inked a deal with the estate of Wes Craven to revive the Freddy Kreuger horror franchise and will release it via its newly launched Paramount Primal label.

'Nightmare on Elm Street' will get rebooted with a new story based on Wes Craven's original screenplay.