The original Kung Fury is a cheesy and comically OTT homage to '80s martial arts and police action films. It became a Kickstarter sensation that bowed in Cannes' Directors Fortnight and has gained over 40 million views worldwide. Swedish filmmaker Sandberg, creator of the short, will also star as the titular hero (the "greatest damn cop of all time") in the new iteration, alongside Fassbender, and produce under his Laser Unicorns banner. (Watch the original here.)

David Katzenberg, Seth Grahame-Smith and Aaron Schmidt will produce for KatzSmith Productions, fresh off the huge success of last year's $700 million-amassing It remake; Philip Westgren of B-Reel Films and Conor McCaughen will also produce. Pelle Strandberg is exec producing on behalf of Laser Unicorns.

The action is set in 1985 Miami, which is kept safe under the watchful eye of Kung Fury and his Thundercops, the ultimate police force assembled from across history to defeat the villainous Kung Fuhrer, Adolf Hitler. After the tragic death of a Thundercop sees the group disband, a mysterious villain emerges from the shadows to aid in the Fuhrer's quest to attain the ultimate weapon. Kung Fury must travel through space and time to save his friends, defend the prestigious Miami Kung Fu Academy and defeat evil once and for all.

Bloom is handling international sales on Kung Fury and introducing the project at the European Film Market in Berlin, where buyers reportedly are already buzzing over the script.

Endeavor Content and CAA are repping the film for North America. Schwarzenegger is repped by CAA.

This story first appeared in The Hollywood Reporter's Feb. 16 daily issue at the Berlin Film Festival.