Fans of Freddy Krueger may end up getting not one, but two Nightmare on Elm Street movies soon. Earlier this year, Paramount announced it was developing a movie based on the IP. It has now been revealed that Warner Bros. is also planning a separate Nightmare on Elm Street movie.

The tip comes from Puck, which reports that the complicated rights situation for the property has led both studios to develop separate films. Reportedly, while Paramount obtained the U.S. rights to Wes Craven’s original film, the international distribution rights remain with Warner Bros.

Additionally, WB is looking to develop and distribute its own Freddy Krueger film, and plans to distribute it itself overseas. While, Paramount reportedly wanted WB to distribute its film following the closure of the ongoing Paramount-WB merger, but the latter did not care for the plan.

How the WB-Paramount merger changed the Nightmare on Elm Street plans

According to the above-mentioned report, Warner Bros. has already initiated talks with Lee Cronin to write, direct, and produce its Nightmare on Elm Street movie. Paramount, meanwhile, has not announced which filmmaker will helm its remake.

“The domestic rights deal for the original A Nightmare on Elm Street screenplay was negotiated independently and was not based on any expectation beyond the domestic rights themselves,” a source close to the matter told Puck.

Furthermore, the report speculates that if WB’s movie goes on the floor first, it would push Paramount to cancel its version. However, an insider at Paramount said that the studio has the blessings of Craven’s estate, which includes Iya Labunka, Craven’s widow, and their son, Jonathan Craven. It is being reported that Warner Bros. has also approached the Craven estate to negotiate deals for its movie.

Crucially, the report reveals that Paramount Pictures expects to make “at least $70 million” from its movie, which it will only distribute in the U.S. However, the studio won’t enjoy any profits from merchandising, with its deal confining the remake “pretty much to a shot-by-shot remake.”

It remains to be seen which Nightmare on Elm Street film moves first. Paramount’s announcement of the Freddy Krueger remake came days after the confirmation of new Friday the 13th films being in development. The Paramount-Warner Bros. merger won’t be completed until June 1, 2027, unless the lawsuits the company faces are resolved.