‘Wizard of Oz’ movie in the works with dueling projects

It was just a matter of time before another rainbow classic from Hollywood's golden era gets on the radar of the movie studios to be remade - or rather updated for modern audiences.

Fresh off Disney's massive success with Tim Burton's "Alice in Wonderland," Warner Bros. wants to remake another childhood classic. Like, really classic.

The studio is examining two existing "Wizard of Oz" projects, with an eye toward giving one of them a modern gloss and moving it toward the screen.

One project, called "Oz," currently lives at Warner's New Line label. It's being produced by Temple Hill, which is behind a little franchise called "Twilight," and has a script written by Darren Lemke, a writer on the upcoming "Shrek Forever After."

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