MGM has found WALDO and buys film rights

MGM has fond Waldo and has picked up film rights to turn the character into a live-action family adventure. Classic Media's "Where's Waldo" books were created by Martin Hanford and first published in 1987. The story revolves around "the good-natured, bespectacled character who has a knack for blending into crowds." The books have been popular all over the world, selling 55 million copies in more than 38 countries and been translated into more than 30 languages.

The project will be produced by Classic Media and had the following to say in a statement:

"We are thrilled to be bringing the search for Waldo to the bigscreen," said Jonathan Glickman, MGM's motion picture group president. "Along with our partners at Classic Media, we look forward to making a worldwide adventure that will appeal to 'Where's Waldo' fans of all ages."

This is not the first time that the property has been in development, both Universal and Paramount have had projects in the works that never got off the ground.  I am having a hard time imagining how MGM will turn this into a movie, and an even harder time coming up with a reason why. What are your thoughts?