UPDATED with video: Saban Films has picked up the North American rights to Kevin Smith’s Jay and Silent Bob Reboot, the sequel to the 2001 comedy Jay and Silent Bob Strike Back.

Jason Mewes and Smith are returning to their title roles, alongside a number of other stars from the original Miramax release as well as new faces. Saban Films will release the pic theatrically and production is currently underway.

Jay (Mewes) and Silent Bob (Smith) were first introduced 25 years ago in Smith’s directorial debut, Clerks, and continued to appear in Smith’s cinematic canon including Mallrats, Chasing Amy, Dogma, Jay and Silent Bob Strike Back and Clerks II, as well as the animated film Jay and Silent Bob’s Super Groovy Cartoon Movie. The new movie will take jabs at reboots, remakes, and sequels while simultaneously being all three at the same time.

Saban Films’ Bill Bromiley said, “Jay and Silent Bob is a global franchise which has a very loyal fan base. Partnering with Kevin at script stage on the next chapter of these iconic characters is a huge milestone. This is the beginning of a new initiative at Saban Films, to partner on IP with seasoned filmmakers and talent early on in the creative process all the way through distribution.”

Smith said, “Last February, I almost died. So on the one year anniversary of my widow maker heart attack, as a celebration of life and a big ol’ F you to Death, my best friend and I will be rolling cameras on a sequel/remake/reboot of a movie we first made nearly twenty years ago! In Jay & Silent Bob Strike Back our herbal heroes found out Hollywood was making a movie based on them, so they journeyed out to Hollywood to stop it. But I’ve learned so much as a storyteller and have grown immensely as a filmmaker since then, so audiences can expect something completely different: In Jay & Silent Bob Reboot our herbal heroes find out Hollywood is making a reboot of the old movie that was based on them, so they journey out to Hollywood to stop it again. I offer my (literal) undying thanks to our amazing partners at Saban and Universal for making this dream come true and backing this cinematic silliness!”

Mewes said, “I’m tired of doing Shakespeare all the time so it’ll be nice to get back to playing Jay again. It may be 25 years since I first played the idiot man-child from Jersey but this time’s going to be the best because I’ve really grown into the role of idiot man-child in my old age.”

Bill Bromiley and Jonathan Saba negotiated the deal for Saban Films, with Jackie Eckhouse of Sloss Eckhouse LawCo on behalf of the filmmakers. Universal Pictures Home Entertainment Content Group acquired all foreign rights. Jordan Monsanto of Smodco is producing alongside Destro Film’s Liz Destro.

Equity financing for the picture has been provided by Hideout Pictures, Mickey Gooch Jr’s Skitbags Entertainment, and Fan Owned Legion M. Debt Financing for the film has been provided by Three Point Capital Louisiana and Intercut Capital.

Smith and Mewes expand on the details of the pic in this video thanking Legion M for backing the movie: