Earlier this week, we reported that New Line Cinema's IT remake lost director Cary Fukunaga, putting the project's status in jeopardy. The report revealed that the filmmaker frequently clashed with New Line executives after they forced budget cuts upon the project, and he was adamant on shooting in New York City, which the studio thought was too expensive. Surprisingly, today we have a new report, which reveals that the project is still alive, moving back to Warner Bros. from New Line, with the project now set to shoot in New York City. Unfortunately, even though these changes are being made, which Cary Fukunaga wanted to happen at New Line, Warner Bros. is not bringing the filmmaker back for IT.

This report also reveals that Warner Bros. is keeping Cary Fukunaga's two-movie format, after it was believed that New Line wanted to condense the project into one single movie. Warner Bros. plans on keeping the existing scripts written by Cary Fukunaga and Chase Palmer, which splits Stephen King's classic book in half. The first movie will focus on a group of children known as The Losers Club, who band together to defeat an evil supernatural entity disguised as a clown named Pennywise. The second movie follows these friends as adults, as they must band together again when Pennywise returns.

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It isn't clear if Warner Bros. will keep Will Poulter, who recently signed on to play Pennywise in IT. Warner Bros. hopes to find a new director within the next few weeks, with plans to start production in New York by the end of this year. Should Warner Bros. bring back Cary Fukunaga, especially after they made all of the changes he reportedly requested? Let us know what you think below, and stay tuned for more updates on IT.