Parker and Stone, who have re-christened their Par-based shingle Important Pictures, will first make the Jeff Roda-scripted high school comedy "My All-American." They plan to follow with "Giant Monsters Attack Japan!," a film scripted by J.F. Lawton ("Under Siege") that will combine live-action with the "rubber suit" techniques made popular in Asian imports like "Godzilla."

Parker will direct each film and Stone produce; both will work on the scripts with the writers. Sean Daniel and Nickelodeon will also be producers on "Giant Monsters."

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