STX Entertainment is taking on the task of reviving Gypsy for the big screen, with Barbra Streisand still attached to star as Momma Rose and Barry Levinson aboard to direct Richard LaGravenese’s script, which Streisand also is involved in. Studio sources confirmed that a deal is being finalized now after Deadline broke the story last fall that Universal had put the musical project into turnaround after a long development period. Uni had rights to the project as far back as when Adam Fogelson was the head of the film studio; he’s now chairman at STX. Joel Silver is still producing via his Silver Pictures, and the parties are eyeing a fall start date.

Based on the classic musical from Arthur Laurents, Jule Styne and Stephen Sondheim, Gypsy tells the story of the loving but iron-willed Momma Rose and her two daughters, who she pushed to become vaudeville stars. Through times of joy, sacrifice and heartache, Rose never stopped chasing the American dream for her family and herself, forging one of her daughters into the burlesque legend Gypsy Rose Lee.

Variety first reported the news about STX.