The original 1977 film combined an animated dragon character with a live-action cast including Sean Marshall, Mickey Rooney, Red Buttons and Shelley Winters.
The story follows an orphan boy who arrives in a seaside town with his magical dragon, while his abusive adoptive parents are hot on his trail.
Lowery and Toby Halbrooks were hired last year to write the adapted script, but he wasn't planning on directing at the time. The update reinvents the core of the original concept but won't feature songs.
Jim Whitaker will produce the update
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