Seth Rosenfeld will write the script for the remake. The original film, released in 1975 by American International Pictures, was set in 1964 Chicago and focused on a pair of high school seniors who are best friends — played by Glynn Turman and Lawrence Hilton-Jacobs — during the final weeks of the school year.
“Cooley High,” which had a $750,000 budget, was a major success with $13 million in domestic grosses. Tony Krantz’ father Steve Krantz was the producer with Michael Schultz directing from Eric Monte’s script.
Franklin will produce the remake through his Franklin Entertainment while Common produces under his Freedom Road Productions and Krantz through Flame Ventures. Drew Comins will executive produce for Flame Ventures along with Derek Dudley for Freedom Road.
MGM’s production chief Jonathan Glickman and Adam Rosenberg will oversee the project for MGM.
Common is a native of Chicago who broke into entertainment as a rapper and hip-hop artist. He and John Legend won an Academy Award for Best Original Song for “Glory” in the film “Selma.” His acting credits include “Smokin’ Aces,” “American Gangster,” “Wanted,” “Terminator Salvation,” “Barbershop: The Next cut” and the upcoming “Suicide Squad.”
Franklin is a former Sony production exec who has a first-look deal with the studio and credits on “Miracles from Heaven” and “Woodlawn.” Krantz is a veteran TV and film producer with credits on “Dracula,” “Raw Feed,” “Felicity,” “Sports Night,” “Wonderland” and “The PJs.”
Rosenfeld’s credits include HBO’s “How to Make It in America” and “King of the Jungle.”
Franklin, Common, Krantz and Rosenfeld are all repped by CAA. Franklin is also repped by attorney John Meigs at Hansen Jacobsen. The news was first reported by Deadline Hollywood.