Captain Planet Live Action Film In Development!!

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After years of rumors, speculation, and hilarious hoaxes, it appears that the gears are finally turning for a bonafide live action film based on “Captain Planet and the Planeteers”.

This rather unbelievable news comes courtesy of a press release announcing that Cartoon Network has signed a deal with Angry Filmworks (the same folks that brought us the “Transformers” franchise) to throw the cherished cartoon series in development for the big screen.

“The messages of Captain Planet are even more relevant today,” said Stuart Snyder, president and COO of Turner Broadcasting System Inc.’s Animation, Young Adults and Kids Media division (AYAKM). “We feel this team can bring the world’s first eco-hero to life in a powerful motion picture that is not only pertinent but entertaining.” “We are extremely excited about bringing the good Captain back to life,” said action-adventure producer Don Murphy. “His adventures are known worldwide and he is recognized across generations. We expect to make a spectacular series of films with the amazing team at Cartoon Network.” “With the earthquakes, tornadoes, melting icebergs and all the other problems threatening the world right now, Earth really needs her greatest defender,” said partner Susan Montford.

I mean, wow – this is actually happening. And yes, it could be really, really awful. But keep those hopes high Planeteers – perhaps Angry Filmworks will take some cues from Michael Reaves’ scrapped 1997 draft of a CP film. “It was quite dark, set in a post-apocalyptic future,” he said in an interview. “I think it was one of my better efforts. Everyone seemed to like it, but it got lost in the shuffle when Turner and Warner Bros. merged. A pity — I think it would’ve turned some heads.”

Yes! Hell, maybe even Tom Cruise will finally get a shot at wearing those blue tights again.

More as we get it. Full press release after the jump below.

UPDATE: According to Variety, Angry Filmworks is intending to turn the Captain Planet series into a film franchise and more than just a “one-off film”.

ATLANTA, Jul 19, 2011 (BUSINESS WIRE) — Cartoon Network has signed a development agreement with action-adventure producer Don Murphy and partner Susan Montford and their company Angry Filmworks to develop a live-action motion picture based on the groundbreaking, environment-saving animated hero, Captain Planet and the Planeteers, it was announced today by Stuart Snyder, president and COO of Turner Broadcasting System Inc.’s Animation, Young Adults and Kids Media division (AYAKM). The agreement gives Murphy and his company the exclusive rights to develop and package the property and advance it towards production.

Murphy and Angry Filmworks are most notably credited for the highly successful action-adventure franchise, Transformers (2007), Transformers: Revenge of the Fallen (2009) and Transformers: Dark of the Moon (2011). Murphy and Montford together produced the upcoming Hugh Jackman blockbuster Real Steel with Executive Producer Steven Spielberg. The company also is responsible for such action-oriented films as Shoot ‘Em Up (2007), The League of Extraordinary Gentlemen (2003), Apt Pupil (1998) and Natural Born Killers (1994). Angry Filmworks formed in 1998.

“The messages of Captain Planet are even more relevant today,” said Snyder. “We feel this team can bring the world’s first eco-hero to life in a powerful motion picture that is not only pertinent but entertaining.” “We are extremely excited about bringing the good Captain back to life,” said Murphy. “His adventures are known worldwide and he is recognized across generations. We expect to make a spectacular series of films with the amazing team at Cartoon Network.” “With the earthquakes, tornadoes, melting icebergs and all the other problems threatening the world right now, Earth really needs her greatest defender,” said Montford.

In an effort to inform younger viewers about serious environmental issues, legendary cable entrepreneur Ted Turner partnered with DIC Enterprises in 1990 to create the world’s first animated environmental series, Captain Planet and the Planeteers. The series was about a group of young people who combine their special powers (The Planeteers) to summon Captain Planet, an environmental superhero, to battle the world’s worst eco-villains.

Captain Planet and the Planeteers premiered in fall 1990, airing domestically and internationally in syndication and on cable networks TBS and TNT. Six full seasons of the series were produced in the original run of the series, featuring the voice talents of multiple guest celebrities, including Whoopi Goldberg (Gaia), Meg Ryan (Dr. Blight), Martin Sheen (Sly Sludge), Edward Asner (Hoggish Greedly), James Coburn (Looten Plunder), Dean Stockwell (Duke Nukem) and Sting (Zarm). Winning multiple Environmental Media Awards across its production, Captain Planet and the Planeteers also scored several Daytime Emmy nominations.

Cartoon Network (CartoonNetwork.com), currently seen in more than 99 million U.S. homes and 166 countries around the world, is Turner Broadcasting System, Inc.’s ad-supported cable service now available in HD offering the best in original, acquired and classic entertainment for youth and families. Nightly from 9 p.m. to 6 a.m. (ET, PT), Cartoon Network shares its channel space with Adult Swim, a late-night destination showcasing original and acquired animated and live-action comedy programming for young adults 18-34.

Turner Broadcasting System, Inc., a Time Warner company, creates and programs branded news; entertainment; animation and young adult; and sports media environments on television and other platforms for consumers around the world.