The film is set to be released worldwide on Aug. 9, 2019.

The movie is an expensive proposition for the studio, as both actors had been tipped to star in the project for weeks but negotiations had been strenuous. In fact, sources said DiCaprio was ready to walk away at one point in January.

But Sony is mindful of the Oscar success of the actors' previous collaborations with Tarantino and the lucrative box office, as well.

Tarantino worked with Pitt in 2009's Inglourious Basterds, which grossed over $321 million globally and was nominated for eight Academy Awards, with Christoph Waltz winning for best supporting actor.

DiCaprio, for his part, starred in Tarantino's Django Unchained, which also was an Oscar player with five nominations and two wins (original screenplay for Tarantino and supporting actor, again for Waltz).

"I've been working on this script for five years, as well as living in Los Angeles County most of my life, including in 1969, when I was seven years old," Tarantino said Wednesday in a statement. "I'm very excited to tell this story of an L.A. and a Hollywood that don't exist anymore. And I couldn't be happier about the dynamic teaming of DiCaprio & Pitt as Rick & Cliff."