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Deadline Hollywood is reporting that Paramount will be making Zoolander 2, and has hired Justin Theroux to write and direct the film. Theroux’s only directorial experience so far is Dedication, but he has written Tropic Thunder and Iron Man 2. Theroux is reportedly visiting Fashion Week in Paris to earn some first hand experience of the world of fashion.

Deadline doesn’t say much else about the sequels besides that Ben Stiller is back and “everyone’s hoping Owen Wilson co-stars again but no deal is set.” They also sneak in a little tidbit that says Jonah Hill is in negations to play the villain. What the hell? Apparently the studio still is unsure of the success of the first one (even though it’s a huge cult favorite), so they’re trying to keep the budget below $50 million which is causing a bit of a ruckus. But, of course, everyone does want to come back and “bring Derek and Hanzel to life again.” Last May, Stiller hinted about some plot elements, but who knows how much of that is still in.

Courtesy of FirstShowing.net