According to a story from The Hollywood Reporter, a new upcoming adaptation of Stephen King’s “IT” has shifted from Warner Bros. to their New Line division.

Cary Fukunaga, who you might recognize from “True Detective,” was hired to be the director for IT back in 2012 and word is that he is still attached. The studio is reportedly looking to release the film into two separate feature-length films. Part one would focus on the characters as children while part two would feature them as adults.

“IT” was previously and pretty famously adapted into television miniseries in 1990.

The story is officially described as follows:

A promise made twenty-eight years ago calls seven adults to reunite in Derry, Maine, where as teenagers they battled an evil creature that preyed on the city’s children. Unsure that their Losers Club had vanquished the creature all those years ago, the seven had vowed to return to Derry if IT should ever reappear. Now, children are being murdered again and their repressed memories of that summer return as they prepare to do battle with the monster lurking in Derry’s sewers once more.

Fukunaga himself will also attend to scripting duties alongside Chase Palmer with David Katzenberg, Roy Lee, Dan Lin and Seth Grahame-Smith producing.