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Barbra Streisand to Bring Back ‘Gypsy’ With Barry Levinson for STX Entertainment

The film is based on the musical of the same name by Jule Styne and Stephen Sondheim

Barbra Streisand and Barry Levinson are in advanced negotiations to revive STX Entertainment’s “Gypsy,” TheWrap has learned.

Levinson will direct, while Streisand is set to produce with Joel Silver. Streisand will also be involved in the script, which Richard LaGravenese is writing.

Jule Styne and Stephen Sondheim‘s musical “Gypsy” tells the true story of Momma Rose and her two daughters, whom she is pushing to become stars of the vaudeville stage — one as the burlesque legend Gypsy Rose Lee.

It is considered one of the best musicals ever made.

The project previously had a home at Universal, which put it into turnaround. STX chairman Adam Fogelson was at Universal when the project was in development there.