turtlesEXCLUSIVE: Paramount Pictures and Nickelodeon have brought Michael Bay and his Platinum Dunes partners Brad Fuller and Andrew Form on to produce Teenage Mutant Ninja Turtles, the live-action film that reboots the film series launched by New Line in 1990. Bay, Fuller and Form will  produce with Galen Walker and Scott Mednick.

The producers will begin meetings with writers in the next few weeks. The deal puts Bay in the center of two Paramount franchises, as he started production May 17 on Transformers 3, and is zeroing in on Rosie Huntington-Whitely to replace Megan Fox as love interest for Shia LaBeouf. TMNT, a co-production between Paramount and Nickelodeon, is an outgrowth of the $60 million acquisition made by Nick last October for global rights to the entire Turtles franchise. Right around the same time, Paramount made a first look deal with the Platinum Dunes partners, who will generate genre projects but also want to expand their scope. While they’ve already set up several projects including a Rob Cohen-remake of Fright Night, the Turtles film puts them into new territory.