The movie adaptation of Stephen King's celebrated horror novel "It" finally found a new director, The Hollywood Reporter said. Andres Muschietti, who is known for his remarkable directorial showing in the 2013 horror film, "Mama," will be sitting in the director's seat.

Muschietti is replacing Cary Fukunaga, who was initially tapped to helm the film back in 2012. According to the report, the renowned filmmaker has been helping profusely in the adaptation's development but had to leave over budget reasons and creative differences.

As per Variety, Fukunaga is known for helming the acclaimed freshman season of the HBO crime drama anthology "True Detective," which starsWoody Harrelson and Matthew McConaughey. When news about his exit back in May broke, the "It" adaptation was three weeks away from filming.

Comingsoon.net says that when Muschietti finalizes his involvement in the retelling of one of Stephen King's most revered horror masterworks, New Line Productions will set out to look for a writer that will put into words the new helmer's vision for what was planned as a two-part feature film.

Before he withdrew from the project, Fukunaga had Chase Palmer write his re-imagining of the book. Also, part of the big change resulting to his exit is the participation of "The Maze Runner" actor Will Plouffer, who was casted earlier to play the role of the terrifying clown, Pennywise.

It is still unclear whether Plouffer will still get to be the shape-changing evil entity and the tormentor of the children in the fictional town of Derry. The Holywood Reporter says that the actor is not anymore on board but could easily come back depending on what will be the agreed schedule and other aspects of the production.

Screen Crush also brings up the question of Muschietti directing both the parts of the adaptation. However, the site says that the success of the first part will likely determine if he will be back to direct the second film.

Additionally, it is also unknown if Muschietti will push through another retelling of Stephen King's short story called "The Jaunt," which he signed up to as a director before joining "It."

Comic Book Resources says that the new director's sister and writing partner Barbara Muschietti will likely join Dan Lin, Roy Lee, Seth Grahame-Smith and Jeffrey Katzenberg in producing "It."

Variety shares that Stephen King's "It" follows seven outcast children, who join forces in tracking down a monster only to end up battling their own demons. The villain is an evil shape-shifter named Pennywise, who prey upon children. The novel has also spawned a mini-series back in 1991.