Is The King of Comedy musical adaptation in the works?

It has been reported that a new musical adaptation of the 1983 Martin Scorsese cult fim The King of Comedy is in development. Stephen Trask (co-creator of 'Hedwig and the Angry Inch') and Chris D'Arienzo (who wrote the book for 'Rock of Ages') are teaming up and intend to bring the stage musical all the way to Broadway.

Trask issued the following statement:

"I saw King of Comedy in film class at Wesleyan and I still can't get it out of my head. To get asked... to make a musical with my friend Chris D'Arienzo, out of what might be the greatest movie ever, is one of the most exciting opportunities to come my way. And, we didn't have to kidnap anybody to make it happen."

D'Arienzo also commented:

"The film is an absolute classic and it is an honor to explore this timely and twisted view of 'fame obsession' with such talented and thoughtful collaborators."

The black comedy follows a desperate comedian who will stop at nothing to find fame and fortune... even stalk and kidnap a top talk show host in the hopes of landing a TV appearance on his show. The film is directed by Martin Scorsese, written by Paul D. Zimmerman, and stars Robert De Niro, Jerry Lewis, Tony Randall, Diahnne Abbott and Sandra Bernhard. It featured at no. 87 on Empire's list of 500 greatest films.

There is no official confirmation on casting or a timeline for the musical adaptation yet.