Paramount and Warner Bros. Racing for 'A Nightmare on Elm Street' Reboots

The A Nightmare on Elm Street franchise has become the center of a dispute between Paramount and Warner Bros. After Paramount announced it is developing a reboot of the horror classic, a new report from Puck News, written by Matthew Belloni, reveals that Warner is also preparing its own version. Behind the scenes, the two studios are fast-tracking their projects to determine which reboot will reach theaters first before the merger is finalized.

According to Belloni, Warner is in talks with Lee Cronin (Evil Dead Rise) to write, produce, and direct its film. Paramount, meanwhile, is still searching for a director and is developing the reboot under the Paramount Pictures Primal label, with production by the heirs of Wes Craven, one of the project’s main distinguishing factors. However, the studio only holds U.S. distribution rights, while Warner controls the international release.

The report states Paramount believed that by the time its reboot went into production, the merger between the companies would already be complete, which would lead Warner to distribute Paramount’s version internationally.

A source connected to Paramount, however, denied that account and said the deal for U.S. distribution rights was negotiated independently, with no expectations tied to the merger. Even so, the strategy attributed to the studio reportedly upset Warner Pictures chiefs Michael De Luca and Pam Abdy, who decided to fast-track a project of their own. Belloni also says WB is betting that if its reboot moves forward first, Paramount may ultimately abandon the project. Neither company has officially commented on the matter. 

Meanwhile, sources connected to Paramount say the approval of Craven’s heirs is an important advantage in winning over fans of the franchise. People close to Warner, on the other hand, argue that the rival version would face creative limitations by sticking too closely to the original film.

Behind the scenes, Paramount believes its reboot can gross at least $70 million, even with a release limited to the United States. The rights agreement, however, effectively limits the project to an almost shot-for-shot remake of the classic and prevents the exploitation of licensed franchise merchandise.

People connected to Warner are questioning the commercial potential of a version so faithful to the original. Even so, a Paramount source summed up the mood of the dispute to Puck News: "I think we’ve got a race. We’re going to do everything we can to beat them."