Walt Disney Studios has announced that they will co-finance and co-produce, Steven Spielberg’s upcoming adaptation of Ronald Dahl’s classic ‘The BFG’.

Though he has worked with Disney in the past, this will be the first Disney film that Spielberg has directed.

“In more than 40 years of making movies, I have been on the producing end of a number of films for the Walt Disney Company, but never as a director,” said Spielberg. “It is a special joy to be in the director’s chair as we start The BFG, alongside my longtime friends and film collaborators Kathy Kennedy, who introduced me to this project ,Frank Marshall and Melissa Mathison. Together with them and Disney, there are many reasons why I am so excited about this joint venture.”

Disney Chairman, Alan Horn, echoed Spielberg’s enthusiasm stating, “With Steven Spielberg at the helm, ‘The BFG’ will undoubtedly capture the minds of children and adults alike as Ronald Dahl’s original stories and many of Steven’s own films have done for decades. The team at Disney has tremendous respect for the filmmakers, and we’re thrilled to join with them to make what will be a spectacular picture.”

The announcement also provided an updated roster of cast members slated to join the film. Bill Hader (SNL), Jemaine Clement (Flight of the Conchords), Rebecca Hall (Transcendence) and Penelope Wilton (Downton Abbey) have all signed on to star alongside Mark Rylance as the Big Friendly Giant and Ruby Barnhill as the main character, Sophie.

The film is set to hit theaters in July of 2016.