Update: A Sequel to The Phantom in the Works

It looks like the report from The Associated Press above wasn't completely accurate. Tim Doyle says on his official MySpace page that "This fim is NOT a 'Sequel'. It is a 're-launch' or 're-boot' of the comic franchise to the big screen. This film has nothing to do with the 1996 movie."

The film is also not titled "The Phantom Legacy" but rather The Phantom: Legacy. Here's an update from Doyle on the production:

Now that we've sort of got those 'Sequel' rumors under control, I guess I can start talking about what we're doing and where the project is at.

First of all, I've got to say - this is a very exciting time. Being able to bring the first masked comic superhero back to the big screen is an absolute honor. I've been researching The Phantom intensely for the last year or so and I've been working with the support of King Features Syndicate to try and bring you the tightest possible film. Yes, this is a new look at the comic book hero, but rest assured - He wont be 'heavily gadget man' (as that is another comic book hero named Batman) and he wont be an 'angry mob killer' (as 'The Punisher' -Frank Castle has been made into a film 3 times - remember the Dolph Lundgren film - that too was shot in Australia... old skool). He will be, without doubt 'The Phantom'. A man who has sworn an oath to protect - but at what cost?