The drama, titled “Spencer,” centers on a weekend in the early 1990s when Diana decided to separate from Prince Charles.
“Jackie” director Pablo Larrain is on board to helm from a script by Steven Knight. Production is expected to begin in early 2021.
CAA Media Finance, which arranged financing for the film, will represent its U.S. distribution rights. FilmNation Entertainment represents the international rights and will introduce the film to buyers at the upcoming virtual Cannes market.
Larrain will also produce with Juan de Dios Larrain through their Fabula banner, along with Jonas Dornbach, Janine Jackowski and Paul Webster.
“Spencer” will focus on Princess Diana over the course of one of her final Christmas holidays with the House of Windsor at the Sandringham estate. Diana Frances Spencer and Prince Charles married in 1981. The relationship was strained due to their incompatibility and extramarital affairs. The couple separated in 1992 and the marriage ended in divorce in 1996. She died in a traffic accident in Paris in 1997.
Stewart is best known for starring in the five-film “Twilight” franchise. She won a Cesar Award for “Clouds of Sils Maria” — the first American actress to be awarded the honor. She starred in “Seberg” and “Charlie’s Angels” last year.
Larrain also directed “Neruda.” Knight’s credits include “Peaky Blinders,” “Locke” and “The Hundred-Foot Journey.”
Larrain is represented by CAA and Management 360; Stewart by WME, McKuin Frankel Whitehead, and Viewpoint; Knight by United Agents and Nelson Davis. The news was first reported by Deadline.