Paramount Pictures announced today it is developing a new feature-length animated movie based on the hit TV series SpongeBob SquarePants. The project, which was announced during a Viacom (Paramount's parent company) conference call to investors, will be released in late 2014.

Back in July, Paramount announced the formation of their own animation unit, instead of just distributing titles from DreamWorks Animation. Last year's Rango was the first fully-owned and produced animated movie from the studio, which won Best Animated Film at Sunday night's Oscar ceremony.

The studio did not provide any story details about this new SpongeBob SquarePants production. Paramount released The SpongeBob SquarePants Movie back in 2004, which grossed over $140 million worldwide. It is said that Nickelodeon, which airs the animated series, has a much larger global presence now than it did when The SpongeBob SquarePants Movie hit theaters.

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