The film is about an aging King decides to divide his kingdom among his three daughters to avoid future conflicts. However, he is betrayed by his malicious daughters and exiled into a world of horror and madness.
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Here is producer Navidi's statement on Deadline about the project:
“This project has been Al’s labor of love for over a decade. I am overjoyed to bring this amazing venture to the screen with Bernard Rose’s brilliant adaptation and bold unique vision. I am so excited to team up again with Jess since Pacino’s Wilde Salome.”
Here is director/screenwriter Rose's statement about the project:
“Al and I are going to make a bold, cinematic Lear that will be as accessible moving and powerful as the play was for its original audiences. I am thrilled to have Jessica Chastain join us on this journey.”
The filming should begin this summer in Los Angeles.
Source: Deadline