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James and Dave Franco’s ‘The Disaster Artist’ Headed for New Line

New Line is in negotiations to acquire the rights to “The Disaster Artist,” a comedy starring James and Dave Franco following the making of the cult classic film “The Room.”

James Franco will also direct the pic from a script penned by Scott Neustadter and Michael H. Weber.

The film takes a fun, in-depth look at how Tommy Wiseau came up with the idea of the film hailed by many as one of the worst films ever made. James Franco will play Wiseau while Dave Franco will play Greg Sestero, who co-starred in the film. While many consider it a bad movie, its cult following is wide; theaters across the nation still play the film on midnight runs over the weekend, with many of the screenings involving fan participation similar to “The Rocky Horror Picture Show’s” midnight screenings.

Good Universe is producing along with James Franco and Point Grey Pictures principals Seth Rogen and Evan Goldberg.

“The Disaster Artist” will mark one of the first films where the Franco brothers will be working together, along with the indie “Zeroville,” which James also helmed. James Franco can be seen next in his Hulu series “11/22/63,” while Dave Fanco has a handful of films set to bow in the next year including “Now You See Me 2” and “Neighbors 2: Sorority Rising.”

Both are repped by CAA.

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