The story’s bare bones, but here you go. The Hollywood Reporter’s Heat Vision says that Damian Shannon and Mark Swift have sold a horror pitch to New Line, which has The Conjuring opening in theaters next Friday. This is the duo who gave us Freddy vs. Jason and Friday the 13th (2009).
The pitch is being called “top secret” and it currently doesn’t have a title. The report does emphasize, however, that it is a “franchise starter” and does not fall into the micro-budget slate of horror films we’ve been seeing studio’s tackle.
My guess is the budget is at least reasonable, much like The Conjuring. More info as it comes in.