"I Know What You Did Last Summer" director Jim Gillespie is hoping to establish another franchise. He's signed on to direct "Take Down" a thriller in the vein of "Hunger Games," TheWrap said.

The original script from "Ransom" writer Alexander Ignon takes place at a boarding school of sorts for rebellious children of billionaires. When the "tough-love" school is taken hostage by sophisticated group of criminals, the teenagers take matters into their own hands.

"I Know What You Did Last Summer," Gillespie's most successful film, grossed $125 million around the world when released in 1997 and spawned two sequels. "Venom," a 2005 horror movie written by Kevin Williamson ("Scream"), was Gillespie's last theatrical release and only grossed $881,000.