Fox saves Narnia franchise

Twentieth Century Fox has reportedly agreed to develop the third instalment in the Chronicles Of Narnia franchise alongside Walden Media.

Walt Disney Pictures, which produced the first two instalments, pulled out of The Chronicles Of Narnia: The Voyage Of The Dawn Treader last month, citing budgetary reasons.

According to Variety, Fox was entitled to the first crack at Dawn Treader because of the shared Fox Walden marketing and distributing label.

Fox 2000 will reportedly share the production costs, which are thought to be around $140 million (£100 million), with Walden Media.

The Horse Whisperer's Richard LaGravenese has penned the most recent script, while The World Is Not Enough director Michael Apted will helm the project. Andrew Adamson and Mark Johnson will take on producing duties.

The studio is likely to greenlight the project after budgetary and script concerns are settled.

Production is scheduled to begin in Australia this summer, with a slated holiday 2010 release date.

Ben Barnes, Skandar Keynes and Georgie Henley will reprise their roles, with Son Of Rambow star Will Poulter joining the cast as Eustace Clarence Scrubb.