Apparently, Michael Bay and the guys at Platinum Dunes aren't content to merely remake (and usually ruin) horror films from the 1980s -- now they've set their sights on The Teenage Mutant Ninja Turtles. That noise you're hearing is the collective groan of millions of Turtles fans worldwide ...

An exclusive story at Deadline is reporting that Paramount and Nickelodeon have brought Bay and partners Brad Fuller and Andrew Form on to produce a live-action reboot featuring everyone's favorite "heroes in a halfshell." Nickelodeon shelled out $60 million dollars for the global rights to the entire Turtles franchise last year. The new project will be a co-production between Nick and Paramount -- the latter company having a first look deal with Platinum Dunes.

The article indicates that the new producers will begin meeting with writers in the coming weeks. The Teenage Mutant Ninja Turtles began life as a comic book, then was spun off into a series of live-action films, a Saturday morning cartoon, action figures, videogames, and about every other kind of merchandise imaginable. The story revolves around four turtles named after renaissance artists who live in the New York City sewer system, where they're trained by a talking rat in the deadly arts of the ninja. From there, they fight crime and eat a lot of pizza.

To date, the four films featuring the characters (including 2007's CGI offering, TMNT) have brought in over $400 million dollars. Do you think Platinum Dunes can keep the gravy train rolling or will this be another franchise Bay and company screw up? Head to the comments section to share your hopes and fears.