Mindfire Entertainment is working with the 85-year-old director on various scripts currently in development, one set in Greek mythology and another with an alien invasion theme.

The plan is to release one movie in the $15 million range and three TV projects in the $4 million range every year, Mindfire CEO Mark Altman said. Harryhausen will oversee all visual effects, which will be done in CGI (computer-generated imagery) but will be in the spirit of his stop-motion effects, Altman said.

Harryhausen said "utilizing the incredible advances in visual effects technology" would enable him to reach an entire new generation of audiences. "These stories are universal, and I could not be more thrilled than to revisit some of my favorite worlds -- past, present and future -- in these new films," he said. Production on the first film is set to begin in the fall.