Not much in the news about this project, but two links below:

 http://www.huffingtonpost.com/2011/07/18…

and

 http://screenrant.com/emma-watson-beauty…

The latest project set to utilize the creative talents of the Pan’s Labyrinth filmmaker is a new version of Beauty and the Beast, as is being co-conceived by Denise Di Novi, the producer of early Tim Burton titles like Edward Scissorhands, The Nightmare Before Christmas , and Ed Wood. Suffice it to say, she and del Toro are undoubtedly planning a darker spin on the famous fairy tale.