It was revealed a number of weeks ago that the director to helm the rebooted 'It' film Cary Fukunaga would be leaving the project due to vision disputes and budget.

"It had been a passion project for Fukunaga, who had been developing the films for years as his star slowly rose. His process, which included strong ideas on casting, butted heads with New Line. "It was not a fit," said one source," writes THR.

It has now been announced that the film has picked up a new director to helm the adaptation by the name of Andy Muschietti. He's responsible for bringing forth the successful horror movie 'Mama.'

"It was to have started shooting in late June and a new start date remains unclear. Upon closing of Muschietti's deal, New Line will begin a search for a new writer to tailor a script to Muschietti's vision. The plan is for the adaptation to still take place over two parts.

"Also unclear at this stage is the involvement of Will Poulter, the actor who was to play an evil entity who commonly takes the form of a clown named Pennywise and torments children in a small Maine town. The actor is no longer officially attached but could possibly return depending on scheduling and other factors," writes THR.

It is however confirmed that the project plans to still play out as a two part movie. The first film will focus on the main characters as kids who encounter a horrific clown creature that sets out to torment them. The second will see them as adults but reencountering the fearsome It monster.

'It' doesn't have a confirmed release date at this time.