It returning to New Line Cinema

Warner Bros. has been in the process of developing a new adaptation of Stephen King's It for quite a few years now. The studio previously hired Cary Fukunaga, Seth Grahame-Smith, Dan Lin, and Roy Lee to create this adaptation. Fukunaga is coming off a very successful series for HBO (aka, True Detective) and as a result the adaptation of It is shifting studios... kind of.

New Line Cinema recently announced that they are moving from West Hollywood to Warner Bros. lot in Burbank and are trying to make it clear that each division will be releasing specific kinds of films. With films like The Conjuring it is becoming apparent that the money maker these days, other than superhero films, are horror films. It will apparently follow suit and focus more on thrills and psychological horror rather than the classic slasher film.
The semi-tricky part about this one is they are apparently writing this adaptation into two films. The first film will focus on the children who have to defeat a creature called It. The second film will focus on the kids as adults who have to come together once again despite not remembering the initial events.

It was adapted into a television mini-series back in 1990. It starred Tim Curry in the title role along with Seth Green, John Ritter, and Emily Perkins. It has become somewhat of a cult classic among the horror community and many, including myself, are pretty skeptical of redoing it.