Several news sources recently reported that comedy filmmaker Adam McKay will adapt and direct "The Big Short," a film based on Michael Lewis' best-selling book  for Paramount Pictures. The company is producing the film with Plan B, Brad Pitt's production company.

Lewis' novel, titled “The Big Short: Inside the Doomsday Machine,” is about the housing and credit bubbles of the 2000s.

This adaptation marks the third time that Lewis’ books have been adapted for the big screen. His novels “The Blind Side” and “Moneyball” are now feature films.

"Michael Lewis has the amazing ability to take complex formulas and concepts and turn them into page-turners," McKay said to The Hollywood Reporter. "Plan B and I connected over that breathless quality the book has. Very excited to jump into this."

McKay has dozens of writing and production credits. He wrote "Anchorman 2: The Legend Continues," "Anchorman: The Legend of Ron Burgundy," and "The Campaign," as well as TV episodes of  "Saturday Night Live," "hunt9100" and "Funny or Die Presents." He was the executive producer for the TV series "Eastbound & Down," "Drunk History," "Between Two Ferns with Zach Galifianakis" and "Big Lake." He also co-founded the comedy website Funny or Die with Will Ferrell and served as head writer on "Saturday Night Live."

"I am so excited as this project marks my third collaboration with Adam McKay -- a tremendously talented filmmaker and one of my favorite storytellers," said Paramount Film Group president Adam Goodman to THR.

In other recent news, Jeff Buhler has been set to draft the reboot of the 2004 horror film, “The Grudge,” Deadline recently reported. Check out the ScreenCraft post about the news.

Also, don’t miss our post, “5 Successful Writers Who Received Rejection Letters.”