Cary Fukunaga (SIN NOMBRE, JANE EYRE) is set to direct and co-write the adaptation along with Chase Palmer (the dead DUNE adaptation), with Seth Grahame-Smith listed among the project’s producers. The current plan is for the story to be crafted into two films, though precisely where in IT the end of Part 1 will be is yet unknown. There’s a pretty obvious route that can be taken, but nothing with Fukunaga is ever quite as expected. And I mean that in the very best of ways possible. Definitely more on this as we hear it.
For those who don’t know and/or don’t remember (which would be ironic): The story follows a group of kids called the Losers Club that encounter a creature called It, which preys on children and whose favorite form is that of a sadistic clown called Pennywise. When the creature resurfaces, the kids are called upon to regroup again, this time as adults, even though they have no memory of the first battle.