· John Malkovich has been cast as Turnbull in Warners' Jonah Hex, a "wealthy Southern plantation owner whose son is killed by Union soldiers during the Civil War," who blames the titular bounty hunter, played by Josh Brolin, for his death. [Variety]
· Justin Marks, the go-to screenwriter for junk food regurgitation like He-Man, Voltron, and Street Fighter, will rewrite the update of Disney's 20,000 Leagues Under the Sea: Captain Nemo. It's the next project from acclaimed director McG, who not long from now will be trying his best not to rock the submarine as his star and DP have it out. [Variety]
· Billionaire investor Carl Icahn got a great deal on over a million shares of struggling Lionsgate, putting his net ownership at over 12.2 million shares, or 10.5% of the company. That's a lot of wigs! [Variety]
· Viacom fourth quarter profits fell to $173 million, down from $559.5 million last year. Sumner Redstone says he's close to a deal with creditors of his debt-ridden holding company National Amusements, and that the days where he had to liquidate Paramount and Viacom stock to bail himself out are long over. Probably. [THR]

According to Variety, the Nightmare series will suffer the same fate as upcoming Bay rejuvenation victim Friday the 13th, earning a "complete overhaul" the studio hopes will endear the disfigured killer to that new generation of free-spending fans. Of course, we can't help but indulge our hysterical fears that Bay's worst instincts will go unchecked, and we'll eventually wind up with the central role of "Freddie" Krueger filled by that blonde chick from Gossip Girl, and with razor-fingered, dream-haunting monster's iconic burns replaced by a single, mildly unsightly acne scar that's driven her to slaughter her unblemished classmates.

• New Line sets up new 'Nightmare' [Variety]
• Previously: Hollywood Out Of Ideas: Bay Redoes 'Friday' [Defamer]