Publisher Kevin Eastman (Teenage Mutant Hero Turtles) has sold the comics anthology to digital and music veteran David Boxenbaum and film producer Jeff Krelitz, reports Variety .
Krelitz is overseeing the film and television development and has already brought his shows Red Brick Road and comic adaptations of Chew and Peter Panzerfaust under the banner.
Eastman will remain as publisher and minority investor, with Boxenbaum and Krelitz serving as joint CEOs.
Heavy Metal was launched in 1977 as an 'adult illustrated fantasy magazine'.
It originally featured reprints from French sister publication Métal Hurlant, including work from Enki Bilal, Philippe Druillet, Jean-Claude Forest, Jean Giraud/Moebius and Milo Manara.
It has also featured work from artists and creators including HR Giger, Richard Corben and Simon Bisley.
An animated Heavy Metal film was released in 1981.
David Fincher and James Cameron were attached to produce a 10-part 3D-animated film project featuring contributions from Zack Snyder, Gore Verbinski and Guillermo del Toro. The Paramount Pictures project was later dropped.
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