Here's Deadline's Report on it:
"Brad Peyton, who helmed the global hit Journey 2: The Mysterious Island, has just been set by Warner Bros to rewrite and direct Lobo, the live-action film based on the DC Comics franchise. Joel Silver and Akiva Goldsman are producing.
Lobo is an alien that works as an interstellar mercenary and bounty hunter. Introduced as a hardened, rarely used hard-boiled villain in the 1980s, the character remained in limbo until his revival as an anti-hero biker in the early 1990s, when he became on of the most popular characters in the DC Comics stable. Peyton is repped by Verve and Piekoff Law."
This came as a surprise to me. Been waiting for a Lobo film to happen. Although I have a feeling it'll be PG-13... I'm okay with it. As long as it's a fun/ridiculous film. I'm all good with it.
And my pick to play Lobo in the film is Kevin Durand... He's gotta do it! :)