Skydance Media is looking to relaunch a classic family franchise as sources Deadline it has optioned the rights to reimagine the successful Spy Kids franchise alongside Spyglass Media Group and creator Robert Rodriguez. Rodriguez will return to write and direct the next film which will revolve around the activities of a multicultural family.

Spyglass owns the Spy Kids franchise and in recent months Skydance became intrigued in the IP as it looks to diversify its slate. For this next installment, Skydance will serve as the lead studio and oversee development and production while Spyglass’ Gary Barber and Peter Oillataguerre will executive produce.

Prior to launching the Spy Kids franchise, Rodriguez was better known for his adult action films like Desperado and From Dusk Till Dawn but wanted to do something for his kids. He came with the idea of a group of siblings who took up the family business to save their secret agent parents from danger. The first film was a massive hit grossing $112 million at the domestic box-office and launched three sequels that collectively have earned over $550 million at the worldwide box-office.

While Rodriguez is still best known for his action thrillers like 20th Century’s Alita: Battle Angel, he did recently return to the family genre with Netflix’s We Can Be Heroes. He recently wrapped production on the thriller Hypnotiq starring Ben Affleck and will shoot next The Mandalorian spin-off The Book of Boba Fett, which will bow next Christmas.

Skydance recently released via Netflix mega-hits The Old Guard and 6 Underground, which became two of the most streamed movies for the digital giant. Its upcoming feature films include the highly anticipated Top Gun: Maverick, the seventh installment of Mission: Impossible and G.I. Joe: Snake Eyes set with Paramount.

Spyglass has several projects in development including a new Hellraiser TV series at HBO as well as the next installment in the Scream franchise, which just finished filming.

Rodriguez is represented by WME and his attorney Craig Emanuel.