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According to website Bloody Disgusting, Scott, his brother Tony and Michael Costigan are on board to produce the new version. Carl Rinsch, a commercials and music video director who has worked for Scott Free Productions, will helm the movie.
No plot details have been revealed, but Fox co-chariman Tom Rothman revealed last month that Ridley Scott was "toying with the idea" of a prequel.
The Alien series, which established Sigourney Weaver as an A-list star, started in 1979. It spawned three sequels and two Alien Vs. Predator crossover films and has pulled in more than $850 million at the worldwide box office.
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