The company's president Anant Singh also announced that the film will be produced in association with Japan 's Action 5.
One of Nakata's early films before the world-famous Ring series, Don't Look Up tells the story of a director and his crew who are driven mad when the spirit of a murdered actress possesses their film stock.
The remake, transplanted to the ruins of a medieval village in Transylvania, is scheduled to start shooting in South Africa and Romania at the end of the year. Casting is now underway. The project has also been selected to participate in this year's Pusan Promotion Plan (PPP).
'Of all the Nakata films I have seen, Don't Look Up is truly the most frightening,' says Chan, commenting on the remake. 'It really gets under your skin, and the subject matter of a haunted piece of film is a perfect match for a Hollywood remake.'
Chan directed a string of acclaimed low-budget indie films, revolving around street characters in contemporary Hong Kong, before branching out into the mainstream with horror films Dumplings and Three Extremes.
Meanwhile, Distant Horizon also announced that brothers Eddie and Chris Borey will write the screenplay for the company's revival of '60s screen villain Fu Manchu. Singh and Distant Horizon's Brian Cox are producing the film along with Harry Alan Towers and Maria Rohm who were key figures in the original film series.
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