'I Know What You Did Last Summer' remake in the works by Sony

LOS ANGELES, Sept. 16 (UPI) -- Sony pictures is reportedly working on a remake of the 1997 thriller I Know What You did Last Summer.

Deadline reports the new film will be written by director Mike Flanagan and Jeff Howard and will be produced by Neal Moritz, who also produced the original installment.

I Know What You Did Last Summer starred Jennifer Love Hewitt, Sarah Michelle Gellar, Ryan Phillippe and Freddy Prinze Jr. as four teens who are hunted by a killer after running over a person with their car and dumping their body onto the river.

The flick grossed $125 million worldwide and spawned a sequel I Still Know What You did Last Summer, also starring Hewitt, in 1998.

The remake will be made with a considerably lower budget than the first one and is expected to "cast on the cheap."