While they're trying to decide how much an "Ice Age 3" might set them back, Fox Animation Studios has snagged the rights to an insect-centric new project. Based on the book by William Joyce, "The Leaf Men and the Brave Good Bugs" sounds kinda like "A Bug's Life" meets "Lord of the Rings." Which could be a lot of fun, actually...

From The Hollywood Reporter: "20th Century Fox Animation has optioned and is developing William Joyce's illustrated children's book "The Leaf Men and the Brave Good Bugs." Oscar winner Chris Wedge is attached to direct, with New York-based Blue Sky Studios producing. Joyce & Jim V. Hart are adapting the screenplay and expanding the book's original premise for the screen. Described as an epic adventure centering on ancient elfin magic, the book follows a troop of brave bugs who march off to save a garden, where they encounter an evil spider queen and must summon the mythical Leaf Men to save the day."