New Line Cinema has agreed to acquire the rights to a movie about Tag in which Will Ferrell and Jack Black have signed on to star.

The film project is based on an article that appeared on the front page of The Wall Street Journal in January. The article followed 10 high-school friends from Spokane, Wash. who have been locked in an elaborate, cross-country game of Tag for more than two decades.

In February, producer Todd Garner of Broken Road Productions secured the life rights and story rights from ICM Partners and United Talent Agency, respectively. Mr. Garner subsequently put together a package involving Messrs. Ferrell and Black that attracted several buyers. New Line ultimately won a bidding war with DreamWorks.

Mark Steilen, who wrote and directed "The Settlement," will write the screenplay.

The Hollywood Reporter points out that the project, if it materializes, would be the first time the two actors have worked together outside of Mr. Black’s brief appearance in “Anchorman.”