This project was originally in the works at Chris Meledandri’s Illumination Entertainment, but that’s apparently no longer the case. Here’s the release from MGM today:

LOS ANGELES, CA (November 07, 2011) – MGM’s President of Motion Picture Group Jonathan Glickman today announced that the studio has secured feature film rights to bring Classic Media’s Where’s Waldo?® to the big screen in a live-action family adventure.

Created by Martin Handford and first published in 1987, Where’s Waldo? is one of the most recognizable characters in the world and a pop-culture icon. A publishing phenomenon with more than 55 million books sold worldwide from New York to Sydney to London to Tokyo, Where’s Waldo books are available in more than thirty-eight countries and have been translated into more than thirty languages. Where’s Waldo has also been spotted in gaming, selling more than 4.6+ million Apps for iPhone and iPad. (more…)