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E! News has reached out to Leto's rep for additional comments on his involvement.
THR reported that the film will be directed by producer and director Brett Ratner and that it's already in early development under his company RatPac Entertainment
"Jared is an old friend," Ratner told THR. "When he heard I got the rights to Hef's story, he told me, 'I want to play him. I want to understand him.' And I really believe Jared can do it. He's one of the great actors of today."