The movie, which is a direct adaptation of a book, will be the first feature to be developed in a new way.

The Hollywood Reporter reports The Walt Disney Co. is in advanced negotiations to buy the rights to the world's best-selling and most popular children's book, which is now available for pre-order.

The deal is one of the most lucrative for Disney, with the company already making an estimated $1 billion a year for the rights to the story.

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