The 90s are red hot right now, and that can only mean one thing: an I Know What You Did Last Summer remake! Sony is planning to rejuvenate the franchise, with Oculus co-writer and director Mike Flanagan adapting the original 1973 novel by Lois Duncan, which also served as the basis for the 1997 installment.

I Know What You Did Last Summer came in the wake of Scream, with self-referencial horror a hot trend in the late-90s. Kevin Williamson, creator of the Scream franchise, even provided the screenplay, with the movie earning over $125 million worldwide.

Jennifer Love Hewitt, Sarah Michelle Gellar, Freddie Prinze Jr. and Ryan Phillippe headlined the original, which followed a group of teenagers who are stalked by a killer a year after they work together in covering up a fatal car accident. The movie spawned two sequels, 1998's I Still Know What You Did Last Summer, which included all of the surviving cast members from the original, and 2006's I'll Always Know What You Did Last Summer, which had an all-new cast of mostly unknowns.

The I Know What You Did Last Summer remake will be made on a tight budget, with Sony hoping to rebuild what could be a very profitable horror franchise. Oculus, which was made on a micro-budget, opened to $12 million and went onto take in more than $40 million worldwide.

I Know What You Did Last Summer is a high priority at Sony, and they want to have it ready for 2016. The movie will cast mostly unknowns. Neal H. Moritz, producer of the 1997 original, will be back to produce alongside Mike Flanagan and his partner Jeff Howard, who helped adapt Oculus. Mike Flanagan andJeff Howard sold their horror thriller Peekers to Lionsgate last year. The studio also hired them to rewrite Exorcism Diaries.

B. Alan Orange at Movieweb
B. Alan Orange