Sony and MGM are splitting the cost evenly between the two with Sony distributing the pic. MGM will oversee production.
The film stars Denzel Washington, Chris Pratt, Ethan Hawke and Haley Bennett. Antoine Fuqua is on board to direct.
The 1960 film, a remake of Akira Kurosawa’s “Seven Samurai,” starred Yul Brynner and Steve McQueen. It centered on seven gunslingers who protect an oppressed Mexican village from a group of outlaws.
The script was most recently reworked by John Lee Hancock after “True Detective” creator Nic Pizzolatto wrote the previous draft.
Production is expected to start within the next month as Fuqua assembles the remaining cast members.
Sony and MGM had success partnering on the James Bond and “Jump Street” franchises. Their most recent collaboration, “22 Jump Street,” brought in $320 million worldwide and more than $190 million domestically.
Sony has strong relationships with Washington and Fuqua after the success of their action pic “The Equalizer,” which brought in more than $100 million at the domestic box office. The studio is also looking to build a relationship with Pratt, who is already in talks to co-star with Jennifer Lawrence in the sci-fi romance “Passengers.”
Sony and MGM will team up next on the latest James Bond pic, “Spectre,” which bows on Nov. 6.