TAXI DRIVER writer Paul Schrader and AMERICAN PSYCHO author Bret Easton Ellis are teaming up on a shark-themed horror flick called BAIT, reports Heat Vision. Schrader will direct and co-write the script with Ellis. The story follows a beach club worker who takes a yacht filled with snobby rich people out into shark-infested waters.

Galavis Film's Jesus Martinez, Kevin Mann, Picture Machine's Matthew Perniciaro and Ithaka Ent.'s Braxton Pope are the producers. Lionsgate/Mandate International is repping worldwide rights.

Production is set to start in Puerto Rico in November.