Bill Condon, who directed the film adaptation of the musical Dreamgirls and penned the screenplay for the film adaptation of Chicago, will direct the film. Production is slated to begin later this year.
The live-action film will feature a script by Stephen Chbosky.
Mandeville Films will produce the new "Beauty and the Beast." Disney is also developing a live-action version of "The Jungle Book," directed by Jon Favreau, and "Cinderella," directed by Kenneth Branagh (and set to release in March).
Watson also took to Facebook to share the news:
The 1991 animated film of "Beauty and the Beast" won Academy Awards for Best Music, Original Song and Best Music, Original Score. The 1994 Broadway stage adaptation was nominated for nine Tony Awards, winning for Costume Design (Ann Hould-Ward).