An new article over at The Hollywood Reporter reveals that the new adaptation of Stephen King’s It is moving studios.

Warner Bros. has been developing a big-screen take for five years, explains the site, and in 2012 it hired Cary Fukunaga to direct two films produced by Roy Lee, Dan Lin, Seth Grahame-Smith and David Katzenberg.

But just as Fukunaga is coming off HBO’s “True Detective,” the project is leaving Warners — sort of.

In a rare move, It is shifting to the studio’s New Line division. Insiders tell THR that as New Line prepares for a June move from West Hollywood to Warners’ Burbank lot, the siblings are drawing clearer distinctions about the types of movies they make.

New Line will now take the lead on horror, bringing the company back to one of its roots!

Horror is now having a resurgence at the company — the emphasis is less slashery and more thrills and chills — as evidenced by last year’s hit The Conjuring.

And It is a horror play. “The story follows a group of kids called the Losers Club who defeat a creature called It. Years later, the creature returns and the club, now adults, have to band together again even though they have no memory of the first battle.”

The plan is for the first movie to tell the kids’ story and the second movie to focus on the adults.