Warner Bros. has been developing a two-film adaptation of Stephen King's It for a long time now. They even hired True Detective's Cary Fukunaga to direct It two years ago, back when he was just regular old Cary Fukunaga. But now they're saying fuck It and handing It over to sister company, New Line.
The idea here is for New Line to once again become something of a horror label. The other idea is for Warner Bros. to become less of a horror label. They're both pretty much the same company, so I guess it doesn't matter a whole lot.
I do, however, like that It is still something that is going to happen. As far as the THR article which delivered this news goes, it sounds like Fukunaga is still attached to direct and that It will still be two films, one focused on little bastards and the next focused on grownup bastards. That seems like a smart way to do It, but It's also a large commitment from the studio, which used to be Warner Bros. but is now New Line, which is really just a part of Warner Bros.
More on It as It develops.