New Line has acquired the remake rights to Battle Royale, the 2000 live action feature based on the Battle Royale manga (released in the States by Tokyopop), according to Variety. 

A second Japanese feature, Battle Royale II:  The Requiem, was also made (see 'Huge Opening Weekend for Battle Royale II:  The Requiem'). 

The manga and films tell the story of a future annual battle between the members of a high school class placed on an abandoned island to fight it out in a game of survival.

The producers involved both have connections to Japanese themed films.  Neal Moritz was involved in Tokyo Drift (the third Fast and the Furious, out soon).  Roy Lee worked on The Ring and The Ring Two.