Back in January, we reported that Warner Bros. dropped their adaptation of the popular comic series Elfquest, citing that they did not want to compete with their own, similar property, The Hobbit: An Unexpected Journey.

Today, producers Stephanie Thorpe and Paula Rhodes announced that they have acquired the rights for this adaptation. They are also the producers behind the 2011 live-action short Elfquest: A Fan Imagining, which they presented at the American Film Market today. Take a look at the full video, then read on for more details regarding this adaptation.

The producers acquired the rights from creators Wendy Pini and Richard Pini. The comic book launched in 1978, and follows a group of elves on the World of Two Moons. The creatures are driven from their forest by humans, when they discover there are other elves living among them as well. Here's what Wendy Pini had to say about the adaptation.

"With their deep love and understanding of the property, they represent a new direction for creative energy and new connections in the larger media."

No production schedule was given. Warner Bros. had been developing the property since 2008, when we reported that Rawson Marshall Thurber (Dodgeball: A True Underdog Story) was attached to write and direct. The producers haven't attached a writer or director for this new version as of yet.