Steven Spielberg to Oversee ‘Transformers’ Franchise With Eighth Movie in the Works at Paramount Pictures

Steven Spielberg has taken on the task of helming the “Transformers” franchise amid development on Paramount Pictures’ eighth movie based on the IP.

He will serve as an executive producer on “Transformers 8,” as he has on previous “Transformers” films, but also oversee all creative aspects of the live-action film working alongside Lorenzo di Bonaventura, insiders tell Variety. The intention is for Spielberg and di Bonaventura to produce a film with a similar tone to the earlier “Transformers” movies, which Spielberg had more involvement with.

No director has been announced for the eighth film in the franchise and it is currently unknown what role longtime “Transformers” filmmaker Michael Bay might serve on the project.

Former “Transformers” franchise star Shia LaBeouf will not return, though talks regarding other casting are still in the early stages. Other conversations about cast are premature.

Spielberg was one of the first meetings Dana Goldberg and Josh Greenstein took as newly-minted studio heads following the Paramount Skydance merger and the deal for Spielberg to return to the film franchise, which has grossed more than $5.4 billion in global box office revenue, alongside di Bonaventura has now come together. Spielberg collaborated on the first two “Transformers” films in a similar capacity.

The new movie is being written by Jason Fuchs. The film is set in modern day but all other plot details are being kept under wraps.

Di Bonaventura, Mark Vahradian, Don Murphy, Tom DeSanto and Hasbro will produce.

Additionally, Variety has learned Paramount Pictures’ “Transformers”-“G.I. Joe” crossover project will not be moving forward. Instead, the studio is developing a new “G.I. Joe” film in collaboration with Danny McBride.