New Line is in negotiations to acquire rights to The Disaster Artist, James Franco’s film based on the book about the making of The Room — one of those rare movies that is so bad it became a cult classic. Franco, who had acquired rights to the book written by The Room co-star Greg Sestero and journalist Tom Bissell in February 2014, directs and stars as Tommy Wiseau, the Ed Wood-ian original movie’s director, producer and star. His brother Dave Franco plays Sestero.

Image (1) DisasterArtist__140208012537.jpg for post 679560The Disaster Artist script is from Scott Neustadter and Michael H. Weber and centers on the making of the 2003 feature, which some have called the worst movie ever made. Wiseau directed, produced and financed the pic, which was self-released only around Southern California before word-of-mouth spread (remember the billboard on Highland and Willoughby in Hollywood?). It went on to certified cult status for its hole-filled plot and poor production values, earning it a solid living with midnight show slots nationwide.

Good Universe, Franco and Point Grey Pictures’ Seth Rogen and Evan Goldberg are producing this one.

Franco connected with the book and even reviewed it for Vice in December 2013, calling it a combination of Boogie Nights and The Master and praising it for going beyond just a bunch of anecdotes from the set of a bad movie.

Here’s the trailer for the 2003 original to give you the idea.

Variety caught wind of New Line’s interest first today.