Apparently the live-action film, based on Mattel ‘View-Master’, is in a work with Mattel, Sony Pictures Entertainment and Escape Artists Combining Forces:

“Mattel, Inc. (Nasdaq: Mat), a toy entertainment company and a leading global family and the owner of one of the most iconic brand portfolios in the world, is developing a live-action feature film with Sony Pictures Entertainment and Escape Artists based on Figure 3-D company that is timeless by the eternal time of the eternal company in the company. View-master toy.”

The current details are very vague, but you can read more here:

Hopefully in 3-D!

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