Update: Oculus’ Mike Flanagan rebooting I Know What You Did Last Summer

Update: Per Flanagan’s Facebook page, he will be scripting the reboot only and will not be directing.

Hollywood continues to reboot less than stellar franchises from not to long ago in hopes of striking gold a second time. The victim this time is serial killer franchise I KNOW WHAT YOU DID LAST SUMMER. Deadline reports that OCULUS director Mike Flanagan will take a stab at bringing the slasher film to a new generation.

The original I KNOW WHAT YOU DID LAST SUMMER came from SCREAM and DAWSON’S CREEK writer Kevin Williamson and yet did not carry nearly the same self-referential tone as either of those more successful projects. Still, with Jennifer Love Hewitt, Freddie Prinze Jr, Sarah Michelle Gellar, and Ryan Phillipe, the movie was able to scare up over $100 million at the box office. That lead to an awful sequel with the awful title I STILL KNOW WHAT YOU DID LAST SUMMER.

Depending on if he can get a group of mildly famous teens to star in the film, Mike Flanagan may have his hands full as the horror genre has not done that well in recent years as evidenced by the poor reception for SCREAM 4 amongst others. Found footage is still king, but Flanagan’s OCULUS was a pleasant micro-budget surprise. Maybe he will surprise us.

At the very least, they need someone with a rack as epic as Jennifer Love Hewitt’s to take center stage.