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By Erich Schwartzel 

LOS ANGELES -- The ending hasn't been written yet, but Hollywood is moving quickly to bring the story of the GameStop investment saga to the screen.

Separate projects at Netflix Inc. and Metro-Goldwyn-Mayer Inc. are already in development about the past week on Wall Street, in which an investing-focused group on a Reddit message board banded together to boost the share prices of struggling companies such as GameStop Corp. and AMC Entertainment Holdings Inc., in the process crippling the hedge funds that had bet against them.

Netflix is in talks with screenwriter Mark Boal, who dramatized real-life events such as the Osama bin Laden raid in "Zero Dark Thirty," for a movie that would include the streaming company's breakout 24-year-old star, Noah Centineo, according to a person familiar with the matter.

At MGM, executives are planning to develop a forthcoming manuscript by Ben Mezrich about the saga titled "The Antisocial Network." The studio moved so fast that it acquired the rights to Mr. Mezrich's book proposal, which is being shopped to publishers for purchase this month, according to a person familiar with the deal.

It isn't a surprise that the week that wrecked Wall Street drew producers' attention, given its colorful cast of characters and the dramatic success the amateur traders had in disrupting the best-laid plans of hedge fund owners.

Hollywood studios and streamers often rush to be the first to secure the rights to tell a story generating headlines around the world. The heroic rescue of a Thai soccer team trapped in a cave, or the collapse of Silicon Valley companies such as Theranos Inc. or WeWork, are recent examples of stories that prompted several producers to pursue film or television adaptations.

Now both companies must move quickly to secure directors and a cast, because getting there first can discourage competitors from pursuing similar projects. In today's streaming ecosystem, there is more competition than ever to lure subscribers with buzzy titles that feel as timely as possible.

Two of Mr. Mezrich's previous books about real-life events have been adapted into films: "21" and "The Social Network," which was produced by Michael De Luca, chairman of MGM's motion-pictures group. Also executive producing his GameStop script are Cameron and Tyler Winklevoss, the twin brothers known for their role in the early origins of Facebook Inc., and who were played in "The Social Network" by actor Armie Hammer.

News of the Netflix and MGM projects was reported earlier by Deadline.

Hollywood has mined the arcane world of short selling previously. An adaptation of the Michael Lewis bestseller "The Big Short," about traders who foresaw the financial collapse of 2008, grossed a healthy $70 million at the domestic box office and was nominated for five Academy Awards.

The GameStop saga could also appeal to younger audiences who have grown even more difficult to capture, because they don't go to the movies as frequently as previous generations and find entertainment through videogames or apps such as TikTok. Mr. Centineo, in particular, would bring with him a large following of young fans who know him as the love interest in a Netflix film, "To All the Boys I've Loved Before."

Write to Erich Schwartzel at erich.schwartzel@wsj.com

(END) Dow Jones Newswires

February 01, 2021 17:40 ET (22:40 GMT)

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