‘Bad Boy 3’ in the works?

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via THR

Columbia Pictures is developing a third installment of the high-octane “Bad Boys” franchise, tapping Peter Craig to pen the screenplay.

The hope is to have a script that would reunite director Michael Bay, producer Jerry Bruckheimer and stars Will Smith and Martin Lawrence. At this point, with the project in the early stages, none has a deal to return.

The “Boys” movies feature Smith and Lawrence as Miami detectives Mike Lowrey and Marcus Burnett, caught up in cases involving car chases and explosions.

The first “Boys,” released in 1995, helped launch Bay as a director and Smith as an action star even though it was not a fire-stamped blockbuster — it grossed $66 million domestically and $141 million worldwide.

The sequel, released in 2003 when Bay and Smith’s stars had risen, grossed $138 million domestically and $273 million worldwide.

All parties have expressed a willingness to return if a story can be hammered out. One potential hurdle, however, would be the costly deals with the players.

Craig, repped by CAA and Management 360, co-wrote “The Town,” which Ben Affleck is directing for Warner Bros. and which shoots in Boston next month. He is adapting anime “Cowboy Bebop” for 20th Century Fox and Keanu Reeves.

Microsoft and Viacom Partner Up

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Microsoft and Viacom jumped in bed for a five year co-venture valued at $500 million. In the agreement between the web behemoth and the media conglomerate, Microsoft partnered to access Viacom’s catalog of content shown across its vast network that includes BET, MTV, Comedy Central and Paramount Pictures.  The content will be shown on Microsoft’s MSN website and incorporated into its XBox internet platform, with Viacom and Microsoft sharing revenue for ads shown across all of their platforms.  Ad revenue will be tracked by AdManager, a recent Microsoft acquisition.  For the full story, click HERE 

In addition, MTV is partnering with Jerry Bruckheimer to develop original programming for its video game division.  Viacom recently infused $500 million into this division.  Bruckheimer will be bringing his big-budget Hollywood expertise to the gaming world, a first for him.   Known for his exploding cars and special effects, MTV is depending on the producer to produce original content which can then be transformed into movie(s) or TV shows, depending on the game’s success.  For more on this historic pairing, click HERE