CANNES -- MGM is backing a remake of the 1980s musical "Fame" with "300" producer Mark Canton and Lakeshore Entertainment, MGM COO Rick Sands said here Tuesday.
Sands also said that Tom Cruise and Paula Wagner's United Artists is "weeks away" from concluding a $500 million film financing fund with Merrill Lynch.
"We're just finalizing the paperwork," Sands said. Press reports had suggested that Merrill Lynch was struggling to deliver a partner to fund the estimated $100 million equity portion of the debt-driven fund, but Sands dismissed the report as "just wrong."
The $25 million "Fame" remake is slated to hit theaters in summer 2008 and will be based on the Alan Parker film set at the New York Academy of Performing Arts, which starred Irene Cara and Debbie Allen and launched a generation of wannabe performers.
Sands said MGM has hired a writer and director for the project but offered no further details. Casting has not yet begun. He said the studio plans to retain many of the musical elements of the original movie that also launched a global television hit and international stage show.
"We'll update it, (but) we'll still keep some of the songs. The script is being written right now, but we are keeping it under wraps. There will be a strong musical component, though," Sands said.