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Superman Returns Sequel Greenlit?

IESB.net is reporting on their website that a second film in the newly re-established Superman franchise has now been given an official go. The site is claiming that Singer has reached an agreement with Warner Bros. on the sequel, which will apparently start to get underway next fall and feature more action.

There are however, some conditions, mainly with the budget. Unlike the high $208M budget + $50M for prints and advertising of ‘Returns’ (which also included all the failed projects), this movie will range somewhere around $140-$175 million + prints.