The pic is set up at Fox Searchlight, which acquired the life rights of the Compton Cowboys, as well as a book proposal by Walter Thompson-Hernandez.

Through riding horses at a ranch in their neighborhood, the kids form unexpected friendships and change the trajectory of their lives, and continue their legacy 30 years later.

Lynette Howell Taylor and Samantha Houseman are producing the project, while Spoke Studios and Compton Cowboys member Randy Hook will serve as executive producers.

Earlier this year, Penny marked his feature directorial debut with the Netflix film Uncorked. Starring Mamoudou Athie, Niecy Nash and Courtney B. Vance, the father-son story is loosely based on his own family history. He’s also developing The Untamed, an epic fantasy tale at HBO that is based on the Asunda line of comic books created by Sebastian A. Jones.

Penny repped by Miles Media and attorneys John Meigs and Adam Kaller.