The film has been penned by John August (Big Fish) and will be produced by Dan Lin. The executive producer is Jonathan Eirich.
The animated original grossed over $500 million at the box office over 25 years ago and hasn't stopped earning since then. The franchise is still hugely popular, with a merchandising line as well as a run on Broadway.
The astounding $1 billion success of the live-action "Beauty and the Beast" will certainly ensure that more of these films will see the light of day.
Production is said to begin in July and continue for 6 months.