The studio has struck a deal with Haim Saban’s Saban Brands to produce a live-action version of the iconic property.

Saban, who this week announced his move into distribution with the launch of Saban Films, established Mighty Morphin Power Rangers as a live-action TV series in 1993.

Since then the property has expanded across numerous platforms and merchandising to become one of the most recognised brands.

“Lionsgate is the perfect home for elevating our Power Rangers brand to the next level,” said Saban. “They have the vision, marketing prowess and incredible track record in launching breakthrough hits from The Hunger Games to Twilight and Divergent.

“In partnership with the Lionsgate team, we’re confident that we will capture the world of the Power Rangers and translate it into a unique and memorable motion picture phenomenon with a legacy all its own.”

“We’re thrilled to be partnering with Haim Saban and his team to maximise the potential of this immensely successful and universally recognised franchise,” said Lionsgate CEO Jon Feltheimer.

“The Power Rangers stories and characters have been embraced by generations of audiences for more than 20 years, and today they are more powerful than ever. We have the ideal partner and the perfect brand with which to create a motion picture event that will resonate with moviegoers around the world for years to come.”