George A. Romero's latest Z movie. He's going back to basics as basics can get. With a budget of less than $5m and rumors of it going straight to DVD. But this could work in Georges favor. He never seems to play well with Hollywood and so he is sure to have more freedom with this approach.

" the film will, technically and philosophically, be a reboot, "a rejigging of the myth," says Romero

The plot: A group of film students, whilst filming a horror movie, hear about a zombie rising and decide to do what any red blooded film maker would do, they go in search of footage in a Blair Witchy/shakey cam POV sort of way. And somehow it will all tie together with the original 'Night of the living dead.'

Written and directed by the maestro himself.

And the sequel...
The Weinsteins have paid somewhere between $2 and $2.5 million for the North American and Mexican rights to 'Diary of the Dead.', Romero's newest, anticipated zombie movie (by us at least) This deal is reported to include a theatrical rollout, so any internet rumors of it going straight to video are wrong.

According to Bloody-Disgusting, Romero has been told that if Diary of the Dead is a success, there will be a sequel.

Official story synopses is: With a story mixing elements of "The Blair Witch Project" and the long-running "Dead" series, the film will follow a group of college students shooting a horror movie in the woods who stumble upon a real zombie uprising. When the onslaught begins, they seize the moment as any good film students would, capturing the undead in a "cinema verite" style that causes more than the usual production headaches.

Source: The Hollywood Reporter
Source: Bloody-Disgusting
Source: Rotten Tomato