Paul Thomas Anderson has announced his next project, marking his first collaboration with Leonardo DiCaprio.

The “Licorice Pizza” auteur is set to write, direct, and produce the upcoming untitled project that co-stars Sean Penn and Regina Hall, among an ensemble cast. Penn previously appeared in “Licorice Pizza” as a loose riff on William Holden.

According to Deadline, the new film will have a “contemporary setting” and “is the most commercial” installment in Anderson’s filmography.

Warner Bros. produces the film, with Anderson reuniting with Warner Bros. Picture Group CEOs Michael De Luca and Pam Abdy after working with them while the duo was at MGM, where Anderson’s thrice Oscar-nominated “Licorice Pizza” was produced. De Luca was also behind Anderson’s “Boogie Nights” as the former head of production at New Line Cinema. Variety reported that the budget is estimated to be approaching $100 million.

IndieWire confirmed the project with Warner Bros.

Production for the upcoming project is set to begin January 21 in California, per Deadline. Sara Murphy and Adam Somner are also producing.

DiCaprio is currently on the awards circuit promoting Martin Scorsese’s “Killers of the Flower Moon.” The Academy Award-winning actor is set to also star in Scorsese’s upcoming Apple Original film “The Wager,” additionally based on “Killers of the Flower Moon” author David Grann’s nonfiction recounting of a shipwreck. DiCaprio will executive produce.

And Anderson isn’t the only filmmaker Warner Bros. has projects in the works with, as the conglomerate recently announced a partnership with Tom Cruise for upcoming films.

Warner Bros. is additionally looking to work with “Oppenheimer” director Christopher Nolan again after Nolan parted ways with the studio following the “Tenet” release rollout in 2020.

Meanwhile, Bong Joon Ho’s “Mickey 17” has been taken off the 2024 Warner Bros. release date calendar.

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