Who's that? That's Buffy Summers, silly! Don't you remember?
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The new project involves Fran Rubel Kuzui, who bought the rights from Whedon and directed the original 1992 film (starring Kristy Swanson) based on his screenplay. Kuzui is working with her husband, Kaz Kuzui, and producers Roy Lee and Doug Davison. The project has not yet landed at a studio. Kuzui indicated that they've been fielding offers for sequels and other exploitation of the property for years, and Lee's interest in taking Buffy in "a new direction" appealed to her.
The Kuzuis were both executive producers on the two spin-off TV series, Buffy the Vampire Slayer and Angel, but this is mostly because they retained the rights to the concept; their creative involvement in the two series was minimal. Outside Buffy-related endeavors, their best-known efforts include the Trey Parker comedy Orgazmo (1997) and Tokyo Pop (1988).
The film is being billed as a reboot, rather than a sequel, and speculation is that it will utilize the one-slayer-for-every-generation concept to update and darken the story and bring in new characters. The movie apparently will not feature characters created for the TV series, including Angel, Giles, Xander, Willow, or Spike, and for that matter may not involve Buffy, if the story is based around a new slayer altogether.
It's not just the characters that would be missing, though. The whole feel of the Buffyverse was developed in the series, not in the (fairly trivial) movie. Buffy-the-concept became something in that first season, and really only in the brilliant season 1 finale, "Prophecy Girl" (the first aired episode to be both written and directed by Whedon). The series made Buffy something new, something considerably beyond the core concept of the original film.
In any event, interest in Buffy at this point is based entirely on the two series, so rebooting the now-forgotten movie seems like a very peculiar idea. Considering that Kuzui and Whedon were not in agreement about how to realize the material, and that Whedon's vision was vindicated in a TV series that was much more successful and popular than the film (which was not well reviewed), it's hard to see who would back Kuzui's reboot or why – especially if Whedon, who remains very active in Buffydom via the series of bestselling comics, remains excluded.
Fans are already trying to shout this movie down, and with good reason. If it does ever make it to the screen, it'll have a hard row to hoe in getting Buffy fans to go see it.