New Line Entertainment's remake of Stephen King's IT suffered a huge blow when director Cary Fukunaga separated from the project in May, suspending the film indefinitely from its scheduled production date in June. However the producers (including Dan Lin, Roy Lee, Seth Grahame-Smith and David Katzenberg) of the two-part adaptation are currently in negotiations with MAMA director Andy Muschietti to helm the project.
Actor Will Poulter is no longer officially attached to the project, though that does not mean that he will not be returning to the roster. A lot is currently up in the air about IT (we all float down here), but at least the negotiations mean that hopefully the production will be getting back on track soon.
If Muschietti is attached, he will probably bring along his sister and writing partner Barbara Muschietti as a producer. The suburban fairy tale vision they brought to MAMA might be an interesting approach to the property, and if they can recapture the dazzling sledgehammer power of the original short film, we might have something very enticing on our hands. At the moment, only time will tell. You'll hear more about this as the story breaks. Until then, keep away from storm drains.