First, the good news: Ghostbusters 3 will begin production in early 2015.
Now, the bad news: Ivan Reitman has dropped out as director.
Following the death of Harold Ramis - his good friend and a main player in the first two Ghostbusters - Reitman has chosen to leave the project.
Talk of a third installment in this wildly popular franchise has been running rampant for years, but not until recently did actors Bill Murray and Dan Akroyd sign on for a follow-up.
It remains unclear just what kind of role they will play in Ghostbusters 3, but Reitman told Deadline it will likely be "minor."
He also went into detail about why he backed out of directing.
“When I came back from Harold’s funeral, it was really moving and it made me think about a lot of things… I told [Amy and Doug Belgrad from Sony] I thought I could help, but let’s find a really good director and make it with him.
"So that’s what we’ve agreed will happen. I didn’t want all kinds of speculation about what happened with me, that is the real story.”
No release date has been set for Ghostbusters 3, but it will likely hit theaters in late 2015 or early 2016.