According to Variety, DreamWorks is moving forward on its third installment of The Ring.
No writer has been hired, but producer Walter Parkes has confirmed that "The Ring 3" is being developed and that the new film will be made on a smaller scale than the first two.
Those films, both of which starred Naomi Watts, were in the $60 million range.
Watts will likely not star this time around. Instead, pic will be told from the point of view of another character who also has the misfortune of sliding the infamous videotape into the VCR.
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