For those of you who don’t remember, 1995’s Waterworld was the most expensive movie ever produced at the time with a staggering budget of around $235 million. It was released to a lukewarm critical reception and was a bomb at the box office. But in a Hollywood landscape where ideas are just reheated in the microwave and quickly put out on the table for mass consumption, Forbes is reporting that SyFy might take another crack at the Waterworld property.

Recently, SyFy, which is owned by NBC Universal, has been looking to get into the feature film business, and the network is apparently eyeing a much cheaper remake of Waterworld as a start. If this actually goes down, the site is reporting that it would focus more on storytelling than special effects, which would help it become profitable, unlike the original.

Also interesting is the fact that a remake could stand to be more relevant now than when it first hit theaters, considering that the movie deals with a planet completely submerged by the melting polar ice caps. Still, the mere fact that anyone is even considering another version of Waterworld is shocking to us. Not only that, but the site is also claiming that a TV series based on the show still remains a possibility as well.

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[via Forbes]