It's been over 12 years "The Ring" literally scared people to death via videotape. A sequel to the hit horror movie followed a couple years after, but a long-awaited third movie has been stuck in limbo all this time.

But now, there's finally some forward movement! Variety reports that Paramount has hired F. Javier Gutiérrez to direct "The Ring 3." Gutiérrez earned acclaim for his film "Tres Días" ("Before the Fall") and has been attached to the reboot of "The Crow."

The highly successful "Ring" franchise, which has generated over $400 million worldwide, began in 2002 with the original movie starring Naomi Watts. In that movie and the 2005 sequel, people who watched a mysterious videotape died a week later.

But now that it's nearly a decade after the sequel came out, videotapes feel like ancient technology. Maybe in "The Ring 3," everyone will have to watch out for a scary Blu-ray disc.