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No, Wuthering Heights' Emerald Fennell isn't rebooting Basic Instinct
There is a Basic Instinct reboot in development, just not with Fennell as the director. Even though you might've heard she was involved from one of the franchise's key players

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Look, it makes sense that people would believe Emerald Fennell would be rebooting Basic Instinct. In a cinematic landscape that's remarkably devoid of sex, her works like Saltburn and Wuthering Heights have brought erotic thrills back to... uh, erotic thrillers. But the rumors of a new Basic Instinct from Fennell are just that - rumors - despite the fact that they might've come from a fairly knowledgeable source.
Let's break this down.
Fennel's official denial to rumors of her involvement was first published in Variety on April 7. "There’s no truth in this," a representative for the director said, "She is not involved in any way." And if you think coming out an releasing an official statement is a bit of an overreaction to an internet rumor, well, you really should know where that rumor started - that is, with Basic Instinct's co-creator, Joe Eszterhas.
Just a few hours before the denial, The Guardian published a wide-ranging interview with Eszterhas, in which the screenwriter claimed that Fennell was in consideration for the director's job on the already-confirmed Basic Instinct reboot he was writing.
"The producers are negotiating with a really interesting director," Eszterhas told the outlet. "A Brit, Emerald Fennell — who did Promising Young Woman’ and Wuthering Heights, [...] Her sensibility is exactly right. She’s someone who is not afraid of controversy and sexuality. So I’m thrilled by that. I hope it works out."
To Eszterhas's point, it's almost certain that producers will keep letting Fennell work controversy and sexuality into her films, especially considering that - despite wildly differing critical responses - Wuthering Heights is on track to make $240M at the global box office.
Still, we do have to wonder how Eszterhas came by the idea that they'd be working together on whatever that next project is.
Did you wonder why Jacob Elordi looked absolutely huge in Wuthering Heights? There's a reason.
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