Last fall Nickelodeon, a corporate sibling of Paramount, paid $60 million to acquire the rights to the Teenage Mutant Ninja Turtles franchise, which had been owned by the now-defunct New Line. Now Nick and Paramount have finally figured out what they want to do with the fearless fighting machines. Deadline reports the the studio has brought on production company Platinum Dunes to produce a new live-action film based on the adventures of Leonardo, Donatello, Michelangelo and Raphael.

You likely know the name Platinum Dunes from the valiant work they've done destroying the reputations of perfectly good horror franchises, from the OK Friday the 13th remake last year to the recent dreadful A Nightmare on Elm Street. Platinum Dunes partners Brad Fuller, Andrew Form and Michael Bay will all serve as producers on the new turtles films, which puts Paramount in the Michael Bay business in a big way as the third Transformers film gets cranking.

The last attempt to revive the turtles was 2007's CGI animated TMNT, which by all accounts was a decent take on the characters but failed to give the franchise the relevance it had in its early 90s heyday. Platinum Dunes has definitely proven to be good at getting the youth of today to pay attention to old properties-- it's the making it any good part that they've always struggled with.