Deadline says:
While James Franco and Anne Hathaway have been busy pulling it together to host Sunday's Oscarcast, Franco's CAA reps and Disney have closed his deal to play the title role in Oz: The Great and Powerful. That puts the film on track to begin production in July, with Franco reuniting with his Spider-Man director Sam Raimi in the prequel to the L. Frank Baum novel that was scripted by Mitchell Kapner and David Lindsay-Abaire. Joe Roth is producing.
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I think this could be a showcase for just how versatile he really is as an actor. I would have to imagine that the Wizard is a bit of a wild guy (though hopefully not like the Depp's Mad Hatter or Willy Wonka) and James can take this character and turn it into something of his own.
Franco is a great actor and he is a beast i'll probably give anything he does a try after seeing how great he did in 127 hours
127 Hours launched his career big time. Did Mila Kunis ever fully sign on? They NEED to get her to play the witch.
I think this movie needs Johnny Depp attatched to some degree to teach Franco how its done. Otherwise it probably wont get his full potential out of it.