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Paramount to Co-Finance 'Hansel and Gretel' With MGM

The 3D film, starring Jeremy Renner and Gemma Arterton, will be released March 2, 2012.

MGM has decided to co-finance Paramount's Hansel and Gretel: Witch Hunters, which will now be shot in 3D. The $60 million movie also has a release date: March 2, 2012.

MGM toppers Roger Birnbaum and Gary Barber have a close working relationship with Paramount through their Spyglass banner, and have co-financed a number of Paramount films, including Star Trek.

Although MGM is discussing a deal with Sony to release its upcoming James Bond film, and to partner on at least one other picture as well, its relationship with Sony would not be exclusive.

And in their new role as heads of MGM, Barber and Birnbaum expect to continue to cofinance one or two Paramount pictures per year.

Tommy Wirkola (Dead Snow) is directing Hansel and Gretel, which stars Jeremy Renner, Gemma Arterton and Famke Janssen.

The action-comedy picks up years after the fairy-tale siblings' childhood trauma at the gingerbread house, when they've become witch bounty hunters.

Will Ferrell, Chris Henchy, Adam McKay and Kevin J. Messick are producing.