A Sequel to The Phantom in the Works

An Australian production company on Monday announced it had secured the rights to The Phantom Legacy, a follow-up to the 1996 film, The Phantom, which starred Billy Zane as the masked hero who fights evil from his jungle headquarters.

According to The Associated Press, the adaptation is expected to cost $87 million and will focus on "the Father/Son relationship, and what it means to be The Phantom," scriptwriter Tim Boyle said in a statement. "The film will be set in the present day and will deal with the concept of destiny."

Producer Bruce Sherlock, who also served as executive producer of the first "Phantom" movie, said the new film will be a marked improvement over its predecessor.

"It has the makings of a blockbuster," Sherlock said. "There's some surprises that will thrill the 'Phantom' fans worldwide." Sherlock's Sydney-based Sherlock Symington Productions won the rights to the film.

The movie will likely be shot entirely in Australia, with production set to begin within six to nine months, Sherlock said. Producers are in talks with several "top talent" Australian and American actors, Sherlock said. He declined to provide names.