According to Hollywood Reporter, M. Night Shyamalan has signed to write, direct, and produce a live action film based on the Nickelodeon anime-influenced series Avatar:  The Last Airbender.  Shyamalan has previously written and directed Lady in the Water, The Village, Sixth Sense, Unbreakable, and others.  His closest work to this type of property was probably his screenplay for Stuart Little. 

Nickelodeon hopes the feature will be the first in a trilogy. 

This is the second announcement for a film titled Avatar in the last couple of days (see 'It's Avatar, not Alita'); the James Cameron film previously announced has nothing to do with the Nick property.

The Nickelodeon Avatar has moved a lot of product, including the Tokyopop Cine-Manga (see 'Avatar Cine-Manga Tops 500K').  Later this month, the first of the Season 2 DVDs will be released, with a comic in-pack (see 'Avatar Season 2 DVDs').