Los Angeles, Dec. 4 -- A new chapter of the iconic horror franchise 'Paranormal Activity' is officially in the works, with celebrated filmmaker James Wan joining the project as producer. Known for creating modern horror staples such as 'The Conjuring' and 'Insidious', Wan will now help steer one of the most influential found-footage franchises of the 21st century, according to The Hollywood Reporter.

The move comes after the merger of Wan's Atomic Monster with Jason Blum's Blumhouse, the production banner behind the original 2007 breakout hit. Paramount has boarded the upcoming feature as a partner to co-finance, co-produce and distribute the film. Oren Peli, the creator of the first 'Paranormal Activity' -- a micro-budget movie that ear...