Hollywood star Tom Hanks and his producing partner Gary Goetzman will back through their Playtone banner along with Paul Blake, the lead producer on Broadway, said The Hollywood Reporter.
The project was announced by Doug Belgrad, SPE Motion Picture Group president, and Michael De Luca, who serves as president of production along with Hannah Minghella.
"Theatrical audiences both on Broadway and in the West End have responded to 'Beautiful', not only to relive Carole King's timeless classics, but to experience the ways they illustrate her triumphant and joyful life story.
Sony has obtained rights to King's songbook from Sony/ATV, and King and her songwriting collaborators Gerry Goffin, Cynthia Weil and Barry Mann, who are all portrayed in the show.
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"Beautiful", which debuted on Broadway in January 2014, tells the story of composer and performer King and is packed full of hit songs like "Will You Love Me Tomorrow," "Up on the Roof," "So Far Away" and "I Feel the Earth Move."
Douglas McGrath, who wrote the book for the musical, is working on the screenplay. Sherry Kondor and Christine Russell will serve as executive producers.