James Vanderbilt wrote the script that sees a paramilitary takeover of The White House. Channing Tatum will star as a single father and Secret Service agent.
King will play Tatum's young daughter.
Maggie Gyllenhaal would play a fellow Secret Service agent. Jamie Foxx is set to play the president of the United States in the film. James Woods is in talks to play the head of the Secret Service Richard Jenkins is making a deal to play the Speaker of the House, who trails the Vice President in America's presidential line of succession.
Sony Pictures paid $3 million for the script, the highest amount for a spec script sale so far this year.
Roland Emmerich will direct
Emmerich, Vanderbilt, Harald Kloser, Bradley Fischer and Laeta Kalogridis will produce.
Production begins in August.
Down is not to be confused with a rival project with the similar action-thriller Olympus Has Fallen.
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