Morgan Creek boarding Beatty's Hughes pic

Beatty Morgan Creek is closing in on a deal to co-finance Warren Beatty's untitled Howard Hughes pic with New Regency.Paramount had originally signed on to the project in June, but dropped it earlier this week. New Regency swooped in and has already started scouting for its cast.While New Regency is based at 20th Century Fox, no decision has been made a distrib.Pic would mark Beatty's return to the screen after a 10-year hiatus. Thesp, who also wrote and will produce and direct the untitled project, last appeared in "Town & Country" in 2001. Contact Rachel Abrams at Rachel.Abrams@variety.com

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