Sony Pictures is rebooting I Know What You Did Last Summer, the 1997 horror flick that ended up grossing $125M worldwide and spawned a sequel the following year. Both starred Jennifer Love Hewitt. This one is being written and produced by Oculus co-writer/director Mike Flanagan adapting the 1973 Lois Duncan book again and producing along with Neal Moritz who produced the original. Flanagan’s partner Jeff Howard (who helped to adapt Oculus) will also produce. If the budget is kept tight for the revamp of the popular 17-year-old horror movie about friends being stalked by a killer after conspiring to cover up a fatal car accident, it could be a very profitable venture for the studio.