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UPDATE: It seems Deadline's original report on this subject was incorrect. Zemeckis's representatives tell EW that while the director did take a meeting about doing a possible Oz remake, he's definitely not doing it.
In 1998, Gus Van Sant directed Psycho, a remake of the classic Alfred Hitchcock film. While certainly not the worst film ever created, it was largely dismissed by both critics and moviegoers for exactly one reason: it was a pointless, shot-for-shot remake of the original. There was no creativity expressed, no addition or subtraction. The film had absolutely no reason for being. Now Warner Bros. wants to do basically the same thing with The Wizard of Oz.
Deadline reports that the studio has entered early talks with director Robert Zemeckis to direct a remake of the technicolor classic using the exact same script written back in 1939. Some may be confused by Warner Bros.' ownership of the property, but the script was bought off of MGM by Ted Turner years ago, who was subsequently bought off by the WB. Unlike Zemeckis' three previous films, the remake would be live-action and not made using motion-capture.
As I write this, I can only imagine the hatred and vitriol that is going to be spit out in the comments section. The Judy Garland original is beloved by millions and some fans would rather experience an early death than see a studio try and remake it. Say what you will about Sam Raimi's Oz: The Great And Powerful, this has cash grab written all over it. If Zemeckis really wants to save face, he'll drop out of negotiations right now.