Warner Bros. has brought Paul Thomas Anderson in to write and possibly direct a live screen adaption of Pinocchio, with Robert Downey Jr. to star as Geppetto. Downey would also act as producer, as he has been developing the project with WB for some time now.
Michael Mitnick (The Giver) wrote the most recent draft of Pinocchio, which Downey has been working on as well. This is one of many live action adaption of classic children’s books in the works. The successes of Disney’s Alice in Wonderland, Maleficent, and Cinderella have opened the floodgates, with Dumbo, The Little Mermaid, and two different versions of The Jungle Book, all in development.
To be honest, this could go either way. A live action version of Pinocchio in itself, sounds like a clunker; but if Paul Thomas Anderson directs, watch out. Paul Thomas Anderson doesn’t make shitty movies. PTA with Robert Downey Jr. could be a fantastic collaboration.