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Lovelace starred in 1972 adult movie Deep Throat and later lobbied against the industry. She was forced to give up her first child for adoption at the age of 20 and maintained that her abusive husband Chuck Traynor forced her into pornography.
Bill Paxton will reportedly play Hugh Hefner and Josh Lucas will star as Traynor in Matthew Wilder's film.
Anna Faris, who was previously attached to the project, pulled out because she wants to "stick to comedies".
Angelina Jolie and Meg Ryan have also been rumoured for the Lovelace role.
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