Warner Brothers is adapting It into 2 films to be directed by Cary Fukunaga, the filmaker behind last year's adaptation of Jane Eyre. He will co-write the script with Chase Palmer, who previously adapted Dune for Paramount.
It is being produced by Roy Lee, Dan Lin, Seth Grahame-Smith and David Katzenberg. The book was previously adapted in 1990 as a TV mini-series for ABC starring John Ritter, Harry Anderson, Tim Reid, Annette O'Toole, Richard Thomas and Tim Curry as Pennywise. Warners bought the rights in 2009.
Source: The Hollywood Reporter.