Adam Wingard’s official Hollywood adaptation of the popular Japanese manga series “Death Note,” is in final negotiations with Netflix to be picked up by the streaming giant after Warner Bros. dropped it, reports Variety and The Wrap. Warner wants to focus more on its tentpole properties like DC Comics films and Lego.

Netflix has distributed “Beasts of No Nation” in VOD, internet, and other media formats, but not theatrically. So, it is unknown at the moment whether the streaming company will distribute “Death Note” theatrically as well. Warner allowed Wingard to take “Death Note” to other studios because the project was in pre-production for a long time. The Wrap notes that within 48 hours, almost all studio heads wanted to meet Wingard and take the project.

It was also learned that the deal is to be exclusive to Netflix. So, it makes sense for them to distribute it theatrically. After all, the streaming site is looking to expand its wings in Hollywood. It had a good head start with the critically acclaimed and commercially successful “Daredevil” TV series.

The “Death Note” comics written by Tsugumi Ohba and illustrated by Takeshi Obata gained a worldwide cult following through the Japanese anime series adaptation for television. A number of live action movies were also made based on it in Japan. The Hollywood adaptation will be rated R and is looking to begin production in June, notes Variety. Netflix is also producing films like Brad Pitt’s “War Machine” and “Bright,” which stars Will Smith and was acquired by the streaming service provider for more than $90 million (about AU$119.5 million). “Death Note’s” deal is expected not to cross $50 million (about AU$ 66 million).

Nat Wolff of “Paper Towns” and Margaret Qualley of “The Leftovers” are set to star in the movie. They will be playing Light Nagami and Misa Amane, respectively. Roy Lee, Dan Lin, Jason Hoffs, and Masi Oka are producing the project.

The story of the manga series as per is as follows: “Light Yagami is an ace student with great prospects — and he’s bored out of his mind. But all that changes when he finds the Death Note, a notebook dropped by a rogue Shinigami death god. Any human whose name is written in the notebook dies, and now Light has vowed to use the power of the Death Note to rid the world of evil. But when criminals begin dropping dead, the authorities send the legendary detective L to track down the killer. With L hot on his heels, will Light lose sight of his noble goal … or his life?”