A Futile and Stupid Gesture will be directed by Wanderlust's David Wain and is expected to premiere on streaming service Netflix. The movie will be based on a 2006 book by Josh Karp and will centre on the editor of the Harvard Lampoon who went on to launch the National Lampoon humour magazine with college mates Henry Beard and Robert Hoffman.

The publication subsequently spawned a radio show and a movie franchise, and is credited for launching the careers of several comedians, including John Belushi and John Hughes.

The film is slated to begin filming next month (Apr16) and The Hangover star Ed Helms has signed on as an executive producer.

Douglas, who struggled with substance abuse, passed away in 1980 at the age of 33 after falling to his death from a cliff in Hawaii.