Universal has announced today that the project is going forward, and moreover, they've got a hot scribe to help bring it to the big screen. Oscar- and Emmy-winning writer Julian Fellowes ("Downton Abbey," "Gosford Park") will pen the screenplay. Co-written by Stephen Sondheim, "Gypsy" has been a powerhouse on Broadway, winning numerous Tony Awards in various incarnations, and as mentioned above, was made into a feature film and a 1993 TV movie starring Bette Midler. The musical is a showbiz tale about a driven mother who wants to turn her daughters into stage stars; Streisand will take on the lead role of Momma Rose.
While Universal has been dumping risky projects for the past little while, they seem to have taken a shine to musicals. They've got "Les Miserables" coming later this year from Tom Hooper (who at one time was eyeing this project), and we'd wager they'll take a similar approach here, eyeballing big name stars for the supporting roles. So young Hollywood, if you missed out on 'Les Mis' you'll probably have another shot here. [Deadline]