Disney Developing Live-Action 'Pinocchio'

If you thought after recent news about "Winnie the Pooh," "Mulan," and "Dumbo" that Disney was just about done revisiting its animation vault for live-action films, think again.

Deadline reports the studio is developing another Pinocchio movie, loosely based on Carlo Collodi's 19th-centry fairy tale about the adventures of a wooden marionette who dreams of becoming a real boy. Author and screenwriter Peter Hedges, known for "About a Boy," "Dan in Real Life" and "What's Eating Gilbert Grape," will write the screenplay.

Disney famously adapted the story in 1940 as an animated musical feature, which won Academy Awards for Original Score and Original Song ("When You Wish Upon a Star"). Although "Pinocchio" wasn't a box-office success in its initial release, it's now considered a classic.

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