MGM has decided to join forces with Paramount to co-finance their upcoming tentpole Hansel & Gretel: Witch Hunters. It may sound insane considering the rollercoaster ride the studio has been on over the past two years but they have a plan. Not only has MGM signed a distribution deal with the studio they’ve also decided to release the film in 3D.

According to THR, the studios announced the big news today. “MGM toppers Roger Birnbaum and Gary Barber have a close working relationship with Paramount through their Spyglass banner, and have co-financed a number of Paramount films, including Star Trek.” Hansel & Gretel will cost around $60 million to produce and will star Jeremy Renner and Gemma Arterton as the title characters, and Famke Janssen as the villain of choice.

This version of the popular story will take place 15 years after the siblings killed the witch who kidnapped them. Hansel and Gretel have now evolved into bounty hunters who pursue witches.

Hansel & Gretel: Witch Hunters opens in 3D on March 2, 2012.

What do you think of Paramount and MGM’s decision to partner up? Do you think the film should be in 3D?