Billy Zane's Failed '90s Superhero Movie Is Getting A TV Remake

An unexpected superhero reboot is coming our way: Get ready for the return of "The Phantom." Yes, the comic strip turned 1996 movie that starred Billy Zane as its namesake, a purple costumed hero whose alter ego is Kit Walker. Not to be confused with the Dean Koontz adaptation "Phantoms," which Ben Affleck was the bomb in. But instead of a film, the plan is to turn the original comic strip created by Lee Falk into a TV show this time.

According to Variety, filmmaker Reginald Hudlin ("House Party," "Candy Cane Lane") is heading up a TV version of "The Phantom" for King Features. No word on who might be eyed to star, how far along in the development process the series is, or where it will ultimately end up, be it a mainstream network or a streaming service. For now, there are far more questions than answers. 

Here's the official statement from King Features president C.J. Kettler on the matter:

"The development of a live-action series for the iconic comic strip 'The Phantom' marks a pivotal expansion to meet the current cultural zeitgeist for this brand. By partnering with award-nominated director Reginald Hudlin, who possesses a deep reverence for the comic industry and source material itself, we are confident this adaptation will meet the high expectations of both longtime and new fans globally."

Zane's attempt at a '90s superhero movie with "The Phantom" was a box office flop in its day, falling well short of even matching its then-hefty $45 million budget. The film was directed by Simon Wincer at a time when comic adaptations were far from a sure thing commercially. Now, though, Hudlin and the backers of the franchise feel this pulp hero could have another day in the sun.

The Phantom character debuted in a comic strip back in 1936 and is credited with being one of the first costumed superheroes. The 1996 movie adaptation centered on the titular character attempting to thwart a master criminal (played by Treat Williams) who seeks to acquire mystical skulls with legendary powers. In addition to being a commercial misfire, critics of the day were not kind to it.

It wasn't until the 2000s that superheroes truly started to boom thanks to "X-Men," which remains arguably Marvel's most important box office hit ever. The '90s saw the success of films like "Teenage Mutant Ninja Turtles" and "Blade," but they were more one-offs rather than indicators of a larger trend. More often than not, Hollywood didn't take these characters seriously, nor did the moviegoing public.

In many ways, the environment is more kind to something like "The Phantom" now, especially since the TV show format could actually more closely mirror the title character's comic strip roots with a "tune in next week" vibe. But it also might be too little, too late for something like this.

The superhero bubble we lived in for at least 20 years may not have popped, but it's deflated a bit. Superhero movies are now struggling at the box office (at least compared to the 2010s), while streaming is in an era of contraction, as media companies are looking to save rather than over-spend. On top of that, audiences have tons of options, and comic adaptations aren't the automatic draw they once were. Basically, this show may be fighting an uphill battle, although if the quality is there, the audience could be, too.

The TV reboot of "The Phantom" doesn't currently have a premiere date, but stay tuned.