According to The Hollywood Reporter, yes:
Cartoon Network is expanding its footprint in the film world.
The Turner-owned net has inked a deal with producer Don Murphy (Transformers) to develop a live-action adventure film based on Captain Planet, the world’s first animated environment-saving hero created by the company's founder and environmental activist Ted Turner. Murphy's partner Susan Montford and their company Angry Filmworks are also attached.
“The messages of Captain Planet are even more relevant today,” said Stuart Snyder, president of Turner Broadcasting System Inc.’s Animation, Young Adults and Kids Media division. “We feel this team can bring the world’s first eco-hero to life in a powerful motion picture that is not only pertinent but entertaining.”
Murphy's team is set to revive a concept that originated under Turner's watch. “Captain Planet and the Planeteers” premiered in 1990 as the first environmental animated series on the small screen. The six-season series centered on a band of young people who combine their special powers to summon eco-hero Captain Planet to battle the world’s eco-villains.
“With the earthquakes, tornadoes, melting icebergs and all the other problems threatening the world right now, Earth really needs her greatest defender,” said Montford.
Added Murphy, “We are extremely excited about bringing the good Captain back to life. His adventures are known worldwide and he is recognized across generations. We expect to make a spectacular series of films with the amazing team at Cartoon Network.”
The news follows a mid-June announcement that Joel Silver (Sherlock Homes, Die Hard) had signed a similar agreement for a Big 10 movie project in development at the channel.