Paramount Pictures has signed a first-look producing deal with Platinum Dunes, the genre division run by Michael Bay, Brad Fuller and Andrew Form.

Because Bay has proven commercially successful with Paramount with his last two Transformers films, the studio is now trusting him and his Dunes team to make low budget horror movies.

The Paramount relationship gets under way with The Butcherhouse Chronicles, a thriller that is being scripted by Stephen Susco (The Grudge) and is being likened to The Breakfast Club in a haunted house. The producers have also come aboard the Paramount project Property of the State, a Howard Franklin-scripted thriller about a young white-collar criminal whose attempt to straighten out his life is imperiled by an obsessive and menacing parole officer.

The latest Platinum Dunes film will be the remake of A Nightmare on Elm Street. They’ve also done The Texas Chainsaw Massacre (2003), The Amityville Horror (2005), and Friday the 13th (2009), all of which earned many times their budget.

Source: Variety