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Paramount hires writers for fast-tracked Teenage Mutant Ninja Turtles franchise

Paramount has hired the writing team of Art Marcum and Matt Holloway for the purpose of re-imagining a new live action feature based on the Teenage Mutant Ninja Turtles [via Deadline Hollywood]:

“The studio is looking at this as its next huge franchise, like Transformers,” a source just told me. Indeed, Platinum Dunes which is Michael Bay’s, Andrew Form’s, and Brad Fuller’s company, is producing along with the original producers Scott Mednick, Galen Walker, and Marina Norman. Paramount’s Adam Goodman is fast-tracking and wants a first draft by October so the studio can take it out to directors right away for a 2012 release. The speed is understandable since Viacom Inc’s Nickelodeon acquired the global intellectual property rights to the Teenage Mutant Ninja Turtles for $60 million in partnership with sister company Paramount Pictures for the TV, film and video game franchise which the characters have spawned.

The duo — who previously scripted “Iron Man” and recently wrote the “Highlander” reboot for Summit Entertainment — were reportedly paid close to $1 million for their scripting duties.