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Segal has reportedly been working on a sequel to Get Smart, but studio Twentieth Century Fox pushed the project back, freeing him up for Watch.
The film, written by Jared Stern and produced by Shawn Levy, centres on man who moves to a small town and joins its neighbourhood watch scheme. He later discovers that the area is experiencing paranormal activity.
Will Ferrell was originally attached to star, with Wedding Crashers director David Dobkin at the helm. However, the pair have reportedly bowed out.
More: Peter Segal, Movies
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