Lionsgate has partnered with Saban Brands to develop and produce a new Power Rangers film.
The new franchise promises to 're-envision' the Mighty Morphin Power Rangers.
The film will follow group of high school kids who are infused with super powers but must harness and use those powers as a team to save the world.
"We're thrilled to be partnering with Haim Saban and his team to maximise the potential of this immensely successful and universally recognised franchise," said Lionsgate chief executive officer Jon Feltheimer.
"The Power Rangers stories and characters have been embraced by generations of audiences for more than 20 years, and today they are more powerful than ever.
"We have the ideal partner and the perfect brand with which to create a motion picture event that will resonate with moviegoers around the world for years to come."
Haim Saban added: "Lionsgate is the perfect home for elevating our Power Rangers brand to the next level.
"They have the vision, marketing prowess and incredible track record in launching breakthrough hits from The Hunger Games to Twilight and Divergent.
"In partnership with the Lionsgate team, we're confident that we will capture the world of the Power Rangers and translate it into a unique and memorable motion picture phenomenon with a legacy all its own."