Get ready to say "It's Morphin Time!" in theaters because Lionsgate and Saban have announced a partnership to bring "Mighty Morphin Power Rangers" to the big screen as a live action film. Revealed via the official Lionsgate Twitter, the upcoming film will "re-envision the Mighty Morphin Power Rangers, a group of high school kids who are infused with unique and cool super powers but must harness and use those powers as a team if they have any hope of saving the world." The film looks to be a reboot of the original "Power Rangers" concept, and according to the press release, will be the start of a "new film franchise."

"Lionsgate is the perfect home for elevating our Power Rangers brand to the next level," Power Rangers creator Haim Saban said via press release. "They have the vision, marketing prowess and incredible track record in launching breakthrough hits from 'The Hunger Games' to 'Twilight' and 'Divergent.' In partnership with the Lionsgate team, we're con!dent that we will capture the world of the Power Rangers and translate it into a unique and memorable motion picture phenomenon with a legacy all its own."

"We're thrilled to be partnering with Haim Saban and his team to maximize the potential of this immensely successful and universally recognized franchise," Lionsgate Chief Executive Officer Jon Feltheimer added. "The Power Rangers stories and characters have been embraced by generations of audiences for more than 20 years, and today they are more powerful than ever. We have the ideal partner and the perfect brand with which to create a motion picture event that will resonate with moviegoers around the world for years to come."

Helping to launch the Fox Kids programming block in 1993 and based on footage from the Japanese superhero team series "Super Sentai," "Mighty Morphin Power Rangers" was the first of many different incarnations of the "Power Rangers" series, numbering around 18, along with two theatrical films: "Mighty Morphin Power Rangers: The Movie" and "Turbo: A Power Rangers Movie." The newest "Power Rangers" series, "Power Rangers Dino Charge" is currently planned for 2015, marking the series' 22nd year on the air.