Wow, Disney is digging deep into the vault for movie material. First it was Alice In Wonderland, and Beauty and the Beast — now Pete's Dragon is getting a remake.

Yes the 1977 gem that included two of the best all time villainous musical numbers is getting a total re-haul, thanks to Ain’t Them Bodies Saints director David Lowery. According to Deadline, the original is merely an inspiration — because the studio plans to "reinvent the core story." Which... why even do it then? Pete's Dragon might be dated, but it's still a wonderful little movie with fantastic tunes. Ah well, our money is on Elliot getting a giant Smaug-like makeover. Sigh.