UPDATED INFO from Bloody-Disgusting:
"With the vast amounts of horror remakes already made and the well drying up quickly on what can be done that’s new, one of the last storied horror franchises, PHANTASM, seems a likely target as one of the next films to be re-imagined in Hollywood.
However, PHANTASM director Don Coscarelli says the chances of that happening aren’t likely at least in the immediate future. “I’m reluctant to push forward with anything because I as well as the original cast have created a lot of good will with the fan base and I’ve seen some of the remakes and some of them have really gone south,” Coscarelli says. “They have damaged the original franchises and the original movies to a point that it is a real worry.”
Yet Coscarelli says it would be an opportunity to open the film up to new audiences and generate interest in the original films. While Coscarelli has had discussion with some studios, the chances of seeing a PHANTASM remake any time in the near future is highly unlikely.
“There aren’t a lot of franchises left to remake,” Coscarelli says. “There is desire out there to get it done but nothing has felt right so far. It may happen one day but right now it is not in the cards.”
However, the same cannot be said about PHANTASM 5 as Coscarelli says he already has a completed script for the film and really would love to work with the original cast one more time.
“I would love to work with them again,” Coscarelli says. “Anchor Bay is starting to finance movies and they are eager to get us to make another film but it is a function to find the time.”"