Sony-based Neil Moritz, who produced the 1997 title starring Jennifer Love Hewitt, is on board to produce the reboot through his Original Film banner. Flanagan will co-write the script with Jeff Howard.
“I Know What You Did Last Summer” was based on the 1973 novel of the same name by Lois Duncan and also starred Sarah Michelle Gellar, Ryan Phillippe and Freddie Prinze Jr. in a story of four friends being stalked by a killer a year after covering up a car accident. The film was directed by Jim Gillespie, from a screenplay by Kevin Williamson.
The original grossed $125 million in worldwide box office. The 1998 sequel “I Still Know What You Did Last Summer” grossed $84 million.
“Oculus,” which Flanagan co-wrote with Howard, was the most successful film that was acquired at last year’s Toronto Film Festival with $40 million in worldwide grosses for Relativity. Since then, Flanagan also directed another horror movie “Somnia,” re-teaming with “Oculus” producer Intrepid Pictures.
Flanagan tweeted that he’s only on board to write at this point.
Happy to be writing a new "I Know What You Did Last Summer." (I'm NOT, however, directing or producing… Not sure where that came from)
— Mike Flanagan (@flanaganfilm) September 15, 2014
Flanagan and Howard are represented by APA and Joel Vanderkloot at Nelson Davis Wetzstein LLP.
The news about the reboot was first reported by Deadline.com.