MGM will be overseeing production, while Sony will distribute.
The remake follows seven elite gunmen who agree to protect a small Mexican town from a gang of outlaws.
Roger Birnbaum will produce “Magnificent Seven,” which was originally based on Akira Kurosawa’s “Seven Samurai.”
Sony and MGM are frequent collaborators, teaming on recent James Bond movies including “Skyfall” and the upcoming “Spectre” as well as “22 Jump Street,” the R-rated comedy sequel that earned more than $320 million globally last year.
The news was first reported by Variety.