Caroline Thompson, best known for Edward Scissorhands, is penning the screenplay, based on the Hans Christian Anderson fairy tale. This will be the third swing at the material after Kelly Marcel (Fifty Shades of Grey) and Abi Morgan (Shame) both attempted to come up with a workable draft. Joe Wright, who has since moved onto another fairy tale adaptation with Pan, was at one time in negotiations to direct.
The story follows the tale of a young mermaid who makes a Faustian bargain to live on land after she falls in love. Universal and Working Title plan to move swiftly into production.
This will be a departure from Sofia Coppola's previous films, such as The Bling Ring and Somewhere, which were adult dramas with a serious outlook on the human condition. It is speculated that she took on the project for her own children, so that she could make a movie they would both want to see and understand.
At this time, The Little Mermaid does not have a projected date. It's likely that we won't see it until spring of 2016.