05/07/2014 10:05 am ET Updated May 08, 2014

A New Power Rangers Movie Franchise Is In The Works

The Power Rangers are back! Power Rangers creator Haim Saban and Lionsgate CEO Jon Feltheimer announced May 7 that they would produce a new live action film about Power Rangers.

Saban was also the creator of the 1993 TV show, "Mighty Morphin Power Rangers" and, according to a statement from Lionsgate and Saban Brands, "the new film franchise will re-envision the Mighty Morphin Power Rangers, a group of high school kids who are infused with unique and cool super powers but must harness and use those powers as a team if they have any hope of saving the world."

The news is in keeping with Hollywood's latest trend: rebooting old favorites. Earlier this year, Blumhouse Productions announced it would create a live action film of "Jem and the Holograms," starring "Nashville" actress Aubrey Peeples. The Internet practically blew up when The Hollywood Reporter broke news that "Mrs. Doubtfire 2" was in the works, and evenPeeps candy is getting a movie of its own.

In terms of the "Power Rangers" revamp, no one has been cast. No director has been tapped. No plots have been developed. But it's definitely time to get this stuck in your head forever:



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