Revolution Studios has inked a deal with tyro scribes Bryan Sipe and Lorene Scafaria, snapping up their spec “Legend Has It” for low- against mid-six figures.
Revolution partner Todd Garner will oversee its development with exec Navid McIlhargey, who brought the project into the studio.
Sipe, 24, directed and co-wrote independent feature “A Million Miles,” which has appeared at festivals around the country. Featuring music by Bruce Springsteen, pic is screening in New York on Wednesday at the Anthology Film Archives as part of the New Filmmakers Series. Sipe has also authored two other original screenplays.
Scafaria, a playwright by training, saw her most recent play, “That Guy and Others Like Him,” produced Off Broadway in Gotham recently. Deal marks her first collaboration with Sipe.
Pic is described as equal parts “The Goonies,” “Neverending Story” and “Harry Potter” — following a group of kids who must band together to save imagination from sinister forces.
Duo was repped in the deal by the Broder Kurland Webb Uffner Agency.