'Need for Speed' film rights bought by DreamWorks Studios

Need for Speed film rights have been acquired from EA by DreamWorks, with a target production start date of early next year and a 2014 release, the studios announced this morning.

George and John Gatins of Real Steel fame developed the story, which is based on the overall Need for Speed series and not on an individual game. John penned the screenplay and will produce alongside DreamWorks' Co-President of Production Mark Sourian and EA Studios. Scott Waugh, known for his extensive work as a stunt coordinator and co-direction on the military thriller Act of Valor, is set to direct.

Steven Spielberg, DreamWorks Chairman said, "I'm excited about getting back into the creative trenches with John and George Gatins and my partners at EA to bring to life an exhilarating script based on an epic video game that seems to have been made for the movies."

CEO and Co-Chair of DreamWorks Stacey Snider added, "George, John and EA brought a very compelling story to us which we believe is going to make a fun, cool movie franchise."

The Need for Speed series originated in 1994 with The Need for Speed, published for PC, PlayStation and Sega Saturn. The latest installment in the franchise, Need for Speed: Most Wanted, is in development by Criterion Games and set to release on October 30.