Oscar winning director Guillermo del Toro will see his Scary Stories to Tell in The Dark come to light thanks to Entertainment One (eOne) and CBS Films which just announced that together they will co-finance the André Øvredal directed feature film based on Alvin Schwartz’s internationally best-selling book series. del Toro, who is producing, adapted the script with Daniel and Kevin Hageman.

Also producing are Sean Daniel, Elizabeth Grave, Jason F. Brown, and J. Miles Dale. Principal photography is expected to begin this summer in Toronto, Ontario. CBS Films will distribute the film in the U.S. via Lionsgate.

eOne will directly distribute the feature in Canada, UK, Australia/New Zealand, Germany, Benelux, Spain, Austria and Switzerland, with partners Sierra/Affinity overseeing sales in all remaining international territories outside of the US, making it available to buyers for the first time at this year’s Cannes Film Market.

Related Story Tiffany Haddish Joins Nicolas Cage In 'The Unbearable Weight Of Massive Talent'

Inspired by one of the most terrifying children’s book series of all time, Scary Stories to Tell In The Dark follows a group of young teens who must solve the mystery surrounding sudden and macabre deaths in their small town.

“(The film), led by the incomparable Guillermo del Toro, is such a chillingly fun ride that it’s sure to leave audiences around the world jumping in their seats,” said Steve Bertram, eOne’s President, Film, Television and Digital. “We’re thrilled to be joining Terry Press and her team at CBS Films, Guillermo, André Øvredal, and the talented group they’ve assembled, and look forward to launching in Cannes through our partners at Sierra/Affinity.”

Author Schwartz is known for a body of work of more than two dozen books of folklore for young readers that explores everything from wordplay and humor to tales and legends of all kinds. His collections of scary stories include Scary Stories to Tell in the Dark, More Scary Stories to Tell in the Dark, and Scary Stories 3.

del Toro’s The Shape of Water won four Oscars this year, including Best Picture and Best Director for him; the film was nominated for 13. Øvredal’s past credits include directing the films The Autopsy of Jane Doe, Trollhunter and the upcoming film Mortal. Kevin and Dan Hageman are best known for writing the films The Lego Movie, Hotel Transylvania as well as the TV series Trollhunters and Ninjago: Masters of Spinjitzu.

del Toro is repped by Gary Ungar at Exile Entertainment, Robert Newman at WME and George Hayum at Hirsch, Wallerstein, Hayum, Matlof, and Fishman. Øvredal is repped by WME, Industry Entertainment and Hansen, Jacobson, Teller, Hoberman, Newman, Warren, Richman, Rush & Kaller. The Hagemans are repped by WME, Underground and Hansen, Jacobson, Teller, Hoberman, Newman, Warren, Richman, Rush & Kaller.