The film is expected to begin shooting this October in Los Angeles.
The announcement was made Saturday at the Berlin film Festival. The project came together on Feb. 1 when Teddy Schwartzman of Black Bear Pictures announced he would finance.
Joel and Ethan Coen have written the script for “Suburbicon,” which is currently in pre-production. Joel Silver will produce under his Silver Pictures banner alongside Clooney and Grant Heslov under their Smokehouse Pictures label, and Teddy Schwarzman for Black Bear Pictures. Clooney will direct.
The movie will be set in the quiet family town of “Suburbicon,” where the best and worst of humanity is hilariously reflected through the deeds of seemingly ordinary people. When a home invasion turns deadly, a picture-perfect family turns to blackmail, revenge and betrayal.
Clooney’s directing credits include “Monuments Men,” “Leatherheads,” “The Ides of March,” “Confessions of a Dangerous Mind” and “Good Night and Good Luck.”
The Coen brothers wrote and directed “Hail, Caesar!,” which opened the Berlin Film Festival on Feb. 11. The cast includes Clooney as well as Scarlett Johansson, Channing Tatum, Tilda Swinton, Josh Brolin, Ralph Fiennes and Jonah Hill.
Brad Grey, Paramount Pictures Chairman & CEO, said: “George has assembled a stellar project, starting with Joel and Ethan’s great script, a wildly talented cast lead by Matt and Julianne, and an extraordinary producing team with George, Grant, Joel and Teddy. We are both proud and excited to be releasing ‘Suburbicon’ in the U.S. and look forward to this picture with great anticipation.”
CAA handled the U.S. sale, with Bloom handling international sales at Berlin. Paramount’s Eben Davidson and attorney David Miercort represented the studio in the deal.