Paramount Working on 'Teenage Mutant Ninja Turtles' Reboot
Paramount Pictures

Michael Bay returns as the producer and will join Andrew Dodge, who's tapped as the screenwriter for the project.

AceShowbiz - "Teenage Mutant Ninja Turtles" live-action film franchise is in development for a reboot. This new project will be the third installment of the franchise as Paramount has released two "Ninja Turtles" movies previously.

According to The Hollywood Reporter, Paramount has hired Andrew Dodge, who is best known for his work on comedy film "Bad Words" and "Space Jam 2", to write the screenplay. Michael Bay, along with Andrew Form and Brad Fuller, will be back as the producers through their Platinum Dunes production company. However there's still no information about the release date of "Teenage Mutant Ninja Turtles 3" yet.

The first "Teenage Mutant Ninja Turtles" movie, which was directed by Jonathan Liebesman, grossed $493 million worldwide in 2014 while the second installment, "Teenage Mutant Ninja Turtles: Out of the Shadows", failed to live up to expectations in 2016 by grossing only $245 million. Both movies weren't massive hits either.

The previous entries were made before the arrival of chairman Jim Gianopulos, who has made it a priority to clean up the studio’s slate and refocus its franchises. Insiders are hoping to bring a patina of quality as they relaunch the brand.

"Teenage Mutant Ninja Turtles" live-action movies are based on Kevin Eastman and Kevin Laird's comic about four wisecracking pizza-loving turtle superheroes named after the Renaissance artists Michelangelo, Raphael, Leonardo and Donatello. The turtles protect New York City with their ninja skills.

In 1987, "Ninja Turtles" was adapted to an animated show which became hugely popular around the world. Its popularity led to more production based on the characters such as toys, video games and first live-action film in 1990 and its two sequels. New Line Cinema was the studio which released the first three low-cost live-actions. The first film was a hit with $201 million worldwide and the second reached $78 million. Meanwhile, the third only grossed $42 million.

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