A New 'Power Rangers' Live Action Film is Coming

Getty Images

Lionsgate, the studio behind successful franchises The Hunger Games and Twilight, announced Wednesday that they'll be producing an original live action Power Rangers film.

The studio is partnering with Saban Brands, who launched the Mighty Morphin Power Rangers television series in 1993. The series, which followed the adventures of a group of ordinary teens who "morph" into superheroes and save the world from evil, quickly became the most-watched children's television program in the United States and remains one of the top-rated and longest running boys live-action series in television history.

Video: ET Top 5 Remakes of Foreign Films

And who could forget all the toys, apparel, costumes, video games and other Power Rangers swag?

The new film franchise is set to " re-envision the Mighty Morphin Power Rangers, a group of high school kids who are infused with unique and cool super powers but must harness and use those powers as a team if they have any hope of saving the world."

"The Power Rangers stories and characters have been embraced by generations of audiences for more than 20 years, and today they are more powerful than ever," Lionsgate Chief Executive Officer Jon Feltheimer said in a statement. "We have the ideal partner and the perfect brand with which to create a motion picture event that will resonate with moviegoers around the world for years to come."

"In partnership with the Lionsgate team, we're confident that we will capture the world of the Power Rangers and translate it into a unique and memorable motion picture phenomenon with a legacy all its own," Saban added.

The Power Rangers franchise has already spawned two films – 1995's Mighty Morphin Power Rangers: The Movie and 1997's Turbo: A Power Rangers Movie – both distributed by 20th Century Fox.

Pics: Favorite TV & Movie Cast Reunions

No word yet on when the big-screen reboot will begin production.