A new Nightmare on Elm Street film is in development at Paramount.

      One, Two Freddy’s on his way… in the form of a new A Nightmare on Elm Street film at Paramount. More specifically, it’s under Paramount Primal, the studio’s fresh genre division led by J.D. Lifshitz and Raphael Margules, the producers of Barbarian.

      As reported by THR, Paramount has secured the rights to Wes Craven’s original A Nightmare on Elm Street script, which debuted in 1984 to both critical acclaim and commercial success. The film grossed $25.7 million, launching one of horror’s most legendary franchises and spawning several sequels that collectively earned $472 million at the global box office.

      The U.S. rights for the new Nightmare were obtained from the Craven Estate, which includes his widow Iva Labunka and son Jonathan Craven, both of whom will serve as producers on the upcoming film.

      “We are excited to bring the world of Wes Craven’s A Nightmare on Elm Street to a new, fully engaged generation of fans,” stated Labunka. “We know that Wes would have been delighted to see horror finally taking its rightful place in the cultural landscape. We can’t wait for everyone to gather in a dark theater – around today’s campfire – as the next chapter of the Nightmare saga unfolds.”

      “We can't recall a time when we weren't fans of Wes Craven,” Lifshitz and Margules expressed. “It is an overwhelming honor that Iva and Jonathan have entrusted us with this opportunity to help introduce a new story into this universe. We eagerly anticipate collaborating with them to present a terrifying new nightmare to audiences everywhere and to welcome Freddy back home.”

      The A Nightmare on Elm Street series centers on Freddy Krueger, portrayed by Robert Englund, a child murderer who is burned alive by the parents of his victims and returns years later through the dreams of teenagers to exact his revenge. An attempt to reboot the franchise was made in 2010, with Jackie Earle Haley taking up Englund's iconic razor glove, but despite a decent worldwide earnings of $117.7 million, the film was deemed a failure, leading the series to drift into a deep slumber… until now.

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