Universal Bags Elizabeth Banks, Margot Robbie's Paper Bag Princess

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A book called The Paper Bag Princess may sound like a odd concept, but the feminist children's novel from 1980 is actually really, really badass. The book tells a story of a princess who has to rescue her fiance from a menacing dragon.

It makes sense that Banks would opt for Universal. Banks is likely to direct The Paper Bag Princess and Robbie could feature in an acting role in the film alongside her producing credit. Katie Silberman is now onboard to write the screenplay. When she saves the prince, he ungratefully admonishes her for not looking like a princess. She swerves away from that hot mess, calls him a "bum", and dances off into the sunset alone.

The best-selling book has earned praise for its reversal of gender stereotypes and its female empowerment message. Since its publication in 1980, "The Paper Bag Princess" has been reprinted 90 times and sold more than 10 million copies.

Universal Vice President of Production Sara Scott will oversee the project for the studio. Her fiancee is also captured.

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All three are here to make their daughters feel overworked and under appreciated, at least until everybody learns something today. The obvious gags rarely rise above the level of women talking dirty and little kids dropping F-bombs.

Banks, who last directed Pitch Perfect 2, is also prepping to helm a new big-screen take on Charlie's Angels for Sony.

It's early days for the project as Banks now is prepping to direct a Charlie's Angels reboot with Robbie starring in I, Tonya, the biopic about disgraced ice skater Tonya Harding.

Set to be a live-action remake with a script penned by Katie Silberman, Variety now reports that the project will have a set of all-stars in the production team; Elizabeth and her husband Max Handelman will produce under their Brownstone Productions banner, Margot and her partner Tom Ackerley for LuckyChap Entertainment, as well as Bryan Unkeless and Dan Krech.

The Australian star is also producing drama-thriller Terminal.

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