According to Variety, New Line is in negotiations to acquire James Franco's The Disaster Artist. The film, based on actor Greg Sestero's The Disaster Artist: My Life Inside The Room, will tell the story of the midnight movie favorite, The Room. Besides directing, Franco will star as eccentric filmmaker Tommy Wiseau. Dave Franco will also star in the film as Sestero, a struggling actor who meets Wiseau in San Francisco and ends up part of the oddly-spoken man's dream of finding success in the movies.
In real life, The Room was made for $7 million — though it hardly looks like it — and failed when it first premiered in 2003. It earned a cult following after midnight screenings at a theater in Hollywood and Wiseau paying for a long term rental of a billboard near Hollywood Boulevard long after the film's release. While undisputedly poor filmmaking, the film's overall oddness won a legion of fans charmed by a genuine earnestness lost in delusions of cinematic grandeur.
Franco and friends Seth Rogen and Evan Goldberg — producing the film along with Franco — are among those taken with Wiseau's "genius."
The film is not yet scheduled for release.