Spoke to Todd over the weekend. The latest status of the film (according to him) is he's trying to decide if he wants to do a big-budget studio film or do it as a smaller independent picture so he can write and direct it. He says the studios really want it, but he's leaning towards smaller. He also said he's waiting for his toy business to get back on stable footing so he can afford to leave it for the 8-9 months it takes to make a movie.

Todd is delusional if he thinks he's gonna get a big budget to do anything. He's been talking about this and the Spawn reboot and tv show reboot for a decade. I'd be very shocked to see any of them materialize.

Disney's Sam Raimi Directed 'Oz' Begins Filming in Michigan
Oscar-nominated James Franco, Rachel Weisz and Mila Kunis lead the cast of the film reboot.
3:36 PM 7/26/2011 by Sophie Schillaci

There's no place like Michigan.

The Sam Raimi directed Wizard of Oz reboot began filming on Monday, July 25th at the brand-new Raleigh Studios in Pontiac, Michigan. Oz The Great and Powerful is set for a March 8, 2013 release.

James Franco stars in the Disney flick as the title character from L. Frank Baum’s beloved story. As a Kansas circus musician with questionable ethics, Oscar Diggs (Franco) somehow finds himself in the magical Land of Oz. Mila Kunis, Rachel Weisz and Michelle Williams play a trio of witches who question whether or not this new stranger is really the great wizard they’ve been hoping for.

Zach Braff joins the cast as Diggs’ circus assistant, in addition to lending his voice to a CGI created winged monkey named Finley, who will accompany the future wizard on his journey to Oz. Ramona and Beezus star Joey King will also voice a CGI character.

The production will take place in its entirety in the 200,000 square foot sound stage at Raleigh Michigan Studios. Joe Roth, Grant Curtis, Philip Seuer and Palak Patel are producing.

I'm looking forward to "Emo Dorothy" strutting down the yellow brick road to the sounds of "Staying Alive".

I caught some of Return to Oz on cable the other day. It was interesting.

I guess I don't understand something -- why are the original books not being made in to movies? Anybody who has read them knows the classic film was a far FAR cry from the books.

Is this real and was this one of the actual stories?

Yes, real character. Looks like they are pulling his story from several of the Oz books. Maybe this is more in the vein of Wicked in that it is a story in which parts of it take place during the events of Wizard of Oz.

The actual movie title is "Oz, the great and powerful"

Ugh to this whole project.

Anyone have any thoughts on the trailer for this? I saw it last friday and I am looking forward to this.

The story involves a "chosen one" and the good guys in rebellion of the occupying forces of the bad guys...aaaaaaand my interest is gone.

Todd McFarlane's Wizard of Oz project is not related in any way to Disney/Raimi's "Oz, the Great and Powerful."