BREAKING: In what will be his first trip behind the camera since 1998’s Bulworth, Warren Beatty has committed to direct and star in an untitled comedy for Paramount Pictures. Paramount chairman and CEO Brad Grey has announced the deal for Beatty, who wrote the script and will also produce. Casting is underway right now. Beatty made both Heaven Can Wait and Reds for Paramount, collecting 21 Oscar noms between them. Beatty won Best Director for Reds. He also received the Irving Thalberg Award.

“Warren’s script is quintessential Beatty, elegantly written and wonderfully entertaining,” said Grey. “It is our privilege to have one of the great artists in the history of the film industry come home to Paramount.” The movie is expected to go into production later this year.