The Baldwin Entertainment Group, led by Howard Baldwin, and John Aglialoro of The Atlas Society are leading the effort. The Objectivist Center has this:
Baldwin and Aglialoro confirmed earlier reports that BEG will collaborate with Lionsgate, the studio that produced last year’s Oscar winner, "Crash"; the final contract was signed just days earlier. Lionsgate will provide funding for production and handle distribution. They also confirmed that the goal is for a three-part adaptation, like "Lord of the Rings." Only that length, Baldwin said, would give sufficient scope to tell Ayn Rand's long, complex story. The current project is for Part I, which will cover roughly the first third of the novel, with an expected budget of $40 million or more. "We want to make sure it is done well so that the second and third movies can be made." Among the other studios that expressed interest in the project, he added, Lionsgate stood out because of its enthusiasm for completing the trilogy.
With Lionsgate on board, the project is on "a very aggressive path toward production," with filming to begin as early as April 2007. While there is still a chance of completing the film in time for a release later that year, to coincide with the 50th anniversary of the novel, a 2008 release is more likely.