Disco is alive and well, as Paramount has purchased the life rights to the family estate of The Bee Gees’ Maurice, Robin and Barry Gibb, and the studio in the works on a music biopic based on the band’s career, an individual with knowledge of the project told TheWrap.

Paramount purchased the life rights to the Gibb estate on behalf of “Bohemian Rhapsody” producer Graham King and his GK Films. Sister, the new company from Stacey Snider, Elisabeth Murdoch and “Chernobyl” producer Jane Featherstone, is coming aboard as either a co-producer or a co-financier the film, two other individuals of knowledge told TheWrap.

The Bee Gees formed in 1958 but shot to fame with its songs for the John Travolta film, “Saturday Night Fever,” which featured the disco anthem “Stayin’ Alive.” The band has sold 220 million records worldwide and is one of the highest-selling pop music groups of all time. The trio was inducted into the Rock and Roll Hall of Fame in 1997. The band broke up in 2003 after Maurice Gibb died in 2003, and then Robin and Barry Gibb briefly reunited in 2009 before Robin’s death in 2012.

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Paramount recently had success with “Rocketman,” a biopic based on the life of Elton John, which starred Taron Egerton, from earlier this year, which grossed $195.1 million worldwide. King’s “Bohemian Rhapsody” landed a Best Picture Oscar nomination and remains the highest-grossing music biopic of all time with $903.6 million worldwide.

Sister is the new global film and TV venture formed in October by former Twentieth Century Fox chairman and CEO Snider, former Shine Group chairman Murdoch and Featherstone. This would be the first film project for the group headquartered in the U.K. The venture is an extension of Featherstone’s Emmy-winning TV production company Sister Pictures.

News of the project was first reported by Deadline.