James Franco and his Rabbit Bandini Productions have acquired the rights to the book The Disaster Artist: My Life Inside the Room, which follows the making of Tommy Wiseau's 2003 cult classic The Room.

The book was written by star of that movie Greg Sestero alongside journalist Tom Bissell. James Franco will direct and co-produce, with Seth Rogen and Evan Goldberg's Point Grey Productions. Ryan Moody is writing the screenplay.

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Greg Sestero starred alongside Tommy Wiseau in The Room, which has been called the all-time worst movie ever made. Tommy Wiseau directed, produced, and self financed the project, which was only released in Southern California during the early 2000s, before word spread that it was something that needed to be seen to be believed. Nearly nine years after it was released, it started to achieve cult status, especially amongst young actors in Hollywood, and it is now recognized as a midnight movie staple alongside The Rocky Horror Picture Show.

James Franco has been a longtime fan and supporter of the movie, and recently reviewed the book about the making-of for Vice Magazine. This is what he had to say about Tommy Wiseau.

"[He is] part vampire, part Hollywood dreamer, part gangster, part Edward D. Wood Jr., and super lonely."

The book is also described as a cross between Boogie Nights and The Master by the filmmaker. James Franco may star in The Disaster Artist alongside his brother Dave Franco, but that is not yet confirmed.