New ‘A Nightmare on Elm Street’ film moves forward at Paramount with Craven estate involved

Paramount Pictures is reviving the classic “A Nightmare on Elm Street” with a new film based on Wes Craven’s original screenplay, bringing Freddy Krueger back to the franchise that turned the dream-stalking killer into a horror staple.

According to People, the studio has acquired US rights to the script from Craven’s estate and plans to release the project through Paramount Primal, its newly launched genre-focused label.

The new film will revisit the world created by the late filmmaker in the 1984 horror classic, though specific plot details have not yet been announced. The project is being described as a new story “set in the world of 'A Nightmare on Elm Street,' based on the original screenplay.”

As reported by The Hollywood Reporter, Paramount Primal is overseeing the project under the leadership of J.D. Lifshitz and Raphael Margules, the producers behind horror genre titles such as “Barbarian,” “Woman of the Hour” and "Weapons.”

Lifshitz and Margules will also executive produce the movie.

The rights deal was made with the late filmmaker's estate, which includes his widow, Iya Labunka, and his son, Jonathan Craven. Both Labunka and Jonathan are attached as producers on the upcoming film.

In a statement shared with The Hollywood Reporter, Labunka said the family is excited to bring Craven’s creation to longtime fans and a new generation of audiences.

“We know that Wes would have been thrilled to see how horror is taking its long overdue place in the cultural canon. We can’t wait for all of us to sit together in a dark theater… as the next chapter of the Nightmare story unfolds,” she said.

Lifshitz and Margules also expressed their enthusiasm for continuing the legacy of the franchise.

The producers said they have always been fans of Wes Craven and called the opportunity to help create a new chapter in the franchise “an honor beyond words.” They added that they are excited to work with the Craven family to bring a new nightmare to audiences and “welcome Freddy home.”

The original “A Nightmare on Elm Street" arrived in 1984 and became a landmark in horror cinema. The film starred Heather Langenkamp and featured Johnny Depp in his first movie role. 

It introduced audiences to Freddy Krueger, the burned-faced, razor-gloved killer who stalks teenagers in their dreams, where death can also mean dying in real life. The victims must fight to stay awake while uncovering the dark secret their parents have kept hidden.

The success of Craven’s film helped turn New Line Cinema into a major player in Hollywood. The company, which produced the original movie, before later becoming part of Warner Bros., built a massive franchise around Freddy Krueger and became known as “the house that Freddy built.”

The franchise eventually expanded into seven sequels, a 2010 reboot film, a television series, and video games. Across its many installments, the franchise remained centered on Krueger, the iconic villain of the story.