Beauty and the Beast was a classic 18th Century fairy tale and is most known for the Oscar winning animated Disney movie released in 1991. More recently, CW launched a live action TV series with the same name staring Kritsin Kreuk and Jay Ryan.
The Beast will be produced by David Hoberman (The Muppets...Again!), Todd Liberman (The Fighter) and LouAnne Brickhouse.
This is not the only live action Beauty and the Beast adaptation in the works, with Warner Bros working alongside Guillermo del Toro (Pacific Rim) as director and Emma Watson (the Harry Potter franchise) as the star. Could we be seeing a similar race to last year's Mirror, Mirror and Snow White and The Huntsman?
The Beast is currently is development stage, but will most likely be one of Disney's tent pole movies and will probably be released in 3D.
Joe Ahearne's Trance is released in cinemas on 27th March and is directed by Danny Boyle (127 Hours).