Peyton Reed, who hasn't directed a feature since 2008's hopelessly lame Yes, Man is being penciled in as director of Ricky Stanicky, so says the Hollywood Cog. The movie is about three teens who pull a prank and burn down a house in their neighborhood and then create a fake person to take the blame -- Ricky Stanicky! Twenty years later, they have been using the same alibi to get out of every uncomfortable situation in life. When their wives force them to set up a meeting with Stanicky, they hire an actor. Sounds about Peyton Reed's speed. James Franco is attached to play Stanicky.
Will Ferrell's writing/producing partner, Adam McKay, is working with Jesse Armstrong (writer of In the Loop) to make a movie about Republican strategist/ball-slime, Lee Atwater, (AICN)
Tom Cruise will be paid scale for his work on Mission Impossible 4, although he's also sure to receive a large back-end payment. But, if MI:4 bombs, then Tom Cruise may have to resort to panhandling. Don't count on it, though. Brad Bird is directing. He directed Iron Giant and The Incredibles. He can probably just Pixar out Tom Cruise's face and replace it with Will Smith's face). (Vulture)
Terry Gilliam's The Man Who Shot Don Quixote has run into more financial problems. Really? No shit. A movie that's been in the works since the Clinton administration is being delayed again? Maybe Mr. Gilliam (God love him), should go make a different movie and use that money to finance this one. You know, before he keels over. (MTV)
Tyler Perry is preparing to shit out another one of his movies, this one called Madea's Big Happy Family. I only note that because the Old Spice dude, Isaiah Mustafa, has been cast. He'll be starring along with Bow Wow. Smells like Oscar. (Black Voices)
Finally, here is your first look at Butter, a political satire starring Jennifer Garner and Hugh "Boy Howdy" Jackman. It's a five-minute behind-the-scenes clip from Entertainment Tonight (where I understand Mary Hart has just retired, even though she looks remarkably similar today than when she started, back in 1910.