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McCann will adapt the screenplay, with Abrams producing through his Bad Robot production firm at Paramount, says The Hollywood Reporter.
Let The Great World Spin follows a group of characters and their struggles living in New York in the early '70s. The story is built around Philippe Petit's World Trade Centre stunt, which saw the Frenchman string a tightrope between the Twin Towers and walk across it in the summer of 1974.
The recent documentary Man On Wire also shed light on Petit's illegal high-wire act.
Abrams is also working on a Micronauts project for Paramount.
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