Sony Pictures is set to reboot and revive the late 90s teen horror franchise "I Know What You Did Last Summer".  

The first film released in 1997, which starred Jennifer Love Hewitt, Freddie Prinze Jr., Sarah Michelle Gellar and Ryan Phillippe, grossed US$125 million in theaters worldwide. The success of the first flick prompted a second installment a year after its release.

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The reboot of the franchise will be written by "Oculus" director and co-writer Mike Flanagan and Jeff Howard. 

Neal Moritz of "Fast and Furious" fame, who also produced the original movie, will be producing the new project.

Aside from the new "I Know What You Did Last Summer", Moritz will also be producing "23 Jump Street for Sony. The second installment of the movie starring Jonah Hill and Channing Tatum made over US$300 million worldwide.

With previous moviegoers and a new generation of horror flick enthusiasts awaiting the release of the new movie, if budget is kept at a minimum, the project could prove to be profitable for the studio.

For example, "Oculus" was produced with a very small budget opened in theaters to earn US$12 million. Gross profit for the said movie was US$40 million worldwide.

The first movie was able to produce stellar performances by actresses Sarah Michelle Gellar and Anna Heche in particular. Despite a possibly tight budget, the proven brand of the franchise will more likely attract well-known names in the industry.

Insiders say that the new reboot of the horror franchise has been placed in Sony's top priority list. The studio is aiming to release the flick in 2016. 

The first flick was based on the 1973 novel of the same name by Lois Duncan. Many aspects of the movie diverts from the novel which was not intended to be a slasher book. It also drew inspiration from the urban legend "The Hook".