The studio has also dated the 1920s-set Hollywood tale for the 2021 awards season.
Paramount has picked up Babylon, Damien Chazelle’s drama set in the Golden Age of Hollywood.
Brad Pitt and Emma Stone are in talks to star in the project, but no deals are set.
Marc Platt, who produced Chazelle’s La La Land, is one of the producers on Babylon, as is Olivia Hamilton, Matthew Plouffe and Tobey Maguire.
The story is said to be set in the late 1920s, during the movie industry’s transition from silent films to talkies. The rise and fall of fictional and historical characters figure into the proceedings.
If deals are made, Stone would portray Clara Bow, the early sex symbol and box office star who was Hollywood’s first “It” girl. Pitt would play a fictional character, a silent film star who fails to make the transition to the new technology; sources say he is based on real-life figure John Gilbert.