The planned biopic chronicling the life and career of beloved Saturday Night Live star Chris Farley gets a positive development update. A new report confirms the upcoming film has officially gotten a studio home.

Per The Hollywood Reporter, New Line Cinema outbid the competition to land the Chris Farley biopic, with the Josh Gad-directed film moving ahead at the studio. Scott Neustadter and Michael H. Weber are the co-writers for the feature-length project, based on Tom Farley Jr. and Tanner Colby's acclaimed biography, The Chris Farley Show: A Biography in Three Acts. Saturday Night Live creator Lorne Michaels is one of the film's producers.

Cobra Kai and The Afterparty star Paul Walter Hauser will star as Farley in the upcoming biopic. Hauser has a distinguished Hollywood career, starring in acclaimed films such as the Oscar-winning efforts, I, Tonya and BlacKKKlansman, as well as Da 5 Bloods. He also starred as serial killer Larry Hall in the Apple TV+ true crime miniseries, Black Bird, winning a Golden Globe and Primetime Emmy Award for his performance.

Farley is one of the most celebrated Saturday Night Live alums, having first appeared on the hit sketch series in 1990, becoming a household name for his portrayal of an overenthusiastic Chicago Bears fan, plus his performances as misguided motivational speaker Matt Foley and the host of the fictional talk show, The Chris Farley Show. Along with starring for 100 episodes on SNL, Farley also had a creditable film career, notably starring alongside David Spade in Tommy Boy, Airheads and Beverly Hills Ninja.

Known for his bold, high-energy comedic style, Farley earned widespread acclaim, including an MTV Movie & TV Award for his performance in Tommy Boy. However, Farley struggled with obesity, substance abuse and alcoholism throughout his life before dying of a drug overdose in 1997. Shortly before his death, Farley had been recording scenes as the title character in Shrek, finishing most of the character's dialogue. Following Farley's passing, Mike Myers re-recorded the role, with samples of Farley's recordings released in 2015 and 2022.

Chris Farley's Story Will Be Told

New Line and Warner Bros. acquired the Chris Farley biographical film for around $2.5 million. It's the second major acquisition by Warner Bros. this week after claiming Avengelyne, the adaptation of Deadpool creator Rob Liefeld's comic character, with Barbie's Margot Robbie set to star as the titular character.

There is no production or release window yet for the Chris Farley biopic.

Source: The Hollywood Reporter