According to The Hollywood Reporter, Dimension Films will distribute the remake of the 1978 horror hit, Piranha, being produced by Mark Canton from Atmosphere MM and Marc Toberoff from Intellectual Properties Worldwide.

The company picked up rights to U.S. and all English-speaking territories from IPW, Atmosphere/Relativity Media and Wild Bunch. Chuck Russell (The Mask) is in negotiations to direct from a script he wrote adapting the original movie.

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In the remake, the story is set in Lake Havasu, Ariz., which sits on a crater formed by a prehistoric volcanic eruption. When a tremor cracks the lake floor open, prehistoric piranhas are set loose and people begin to disappear. Russell's screenplay uses elements from drafts by Josh Stolberg and Peter Goldfinger and the original screenplay by John Sayles from a story by Richard Robinson.

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