New Line Cinema is in final talks with filmmaker Don Coscarelli to resurrect his cult horror franchise PHANTASM, reports HOLLYWOOD REPORTER. Coscarelli would serve as producer on the remake. New Line exec Jeff Katz, who championed the project, will oversee the film along with George Waud and Stokely Chaffin. The original 1979 film followed the emerging psychic Mike and his friends as they went up against the grave robbing Tall Man and his deadly flying spheres.
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