Meledandri still oversees his own Illumination Entertainment, co-owned by Universal and the powerhouse behind the Despicable Me/Minions juggernaut, but remains a senior advisor to DreamWorks Animation.
Additionally, Meledandri hints that the original cast could be returning for the reboot.
"When you look back on those vocal performances they're awesome, and while you certainly could make a case for a complete reinvention, I find myself responding to my own nostalgic feelings of wanting to go back to those characterizations", explains Meledandri.
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Meledandri told Variety that much of the films' popularity can be attributed to the stellar voice cast - featuring Mike Myers (Shrek), Eddie Murphy (Donkey) and Antonio Banderas (Puss). "The challenge for us has been to find something that really does feel like it's not simply yet another film in a series of sequels", said Meledandri.
Universal's parent company, Comcast, bought Dreamworks Animation in 2016 for $3.8 billion, which included the lovable green ogre. Meledandri was initially asked to oversee both Illumination and DreamWorks, but passed on the opportunity to run the latter in favor of focusing on the creative movie-making process.
Though many a fan would argue that the Shrek films should've called it quits after movie number two, it's clear that if this series ever managed to rediscover the wit and irreverence that made these flicks so popular in the first place, then there'd be a lot of filmgoers who'd be keen to see the results. "You want to find something in the narrative that really feels like a departure", he said.
It makes sense, given the original film is nearly old enough to buy a beer, but Meledandri said he's dead keen on retaining the most crucial element of the entire saga: the voice talent of the movie's original stars.