Let me back up for a little biography on Savage. He's a pulp hero from the 1930s and 40s, an ordinary man who was trained from birth to achieve mastery of everything from medicine to music. Naturally, he uses his awesome abilities to punish wrongdoing, and his travels take him all over the world. He's usually accompanied by "The Fabulous Five": Monk, Ham, Renny, Long Tom, and Johnny. (Check out Wikipedia for exhaustive descriptions.) He also had a cousin named Patricia Savage who tagged along, but was no pretty little wimp, as she was a pilot and a skilled markswoman.
As Doc Savage scripts have come and gone, the temptation has often been to move him into the modern era. Black revealed that he fully intends to keep him in the 1930s, keep the Fabulous Five, and try to capture all of what made author Lester Dent's storywork so memorable. Thin news, but something to keep Savage pulp fans awake at night, as well as those of us itching to see Black return to the big time.
ETA: Ain't It Cool News has since run a correction that Orci and Kurtzman are not producing. Neal Moritz and Ori Marmur are for Sony Pictures.