Cary Granat and Ed Jones’ new family content provider Bedrock Studios has unveiled its first project, teaming up with Arcady Bay Entertainment to acquire rights to The Flint Heart.

The children’s property is the latest title from two-time Newbery Award-winning author Katherine Paterson and is an epic tale about a magical amulet. The book is due out in early 2011.

Arcady Bay principal David Paterson will adapt his mother’s novel for the live-action, effects-driven feature. Granat, Arcady and Katherine Paterson worked together on the 2007 fantasy release The Bridge To Terabithia.

Former Walden CEO Granat and ILM executive Ed Jones launched Bedrock Studios in mid-March with the goal of making franchise films budgeted at $35m and below.

They are currently collaborating on the live-action creation story In The Beginning, which is not a Bedrock project.