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Paramount has launched development of a third “Teenage Mutant Ninja Turtles” movie — two years after “Teenage Mutant Ninja Turtles: Out of the Shadows” was a serious disappointment.

The studio has hired Andrew Dodge, whose credits include “Bad Words,” to write the script. Producers are Michael Bay, Andrew Form, and Brad Fuller through their Platinum Dunes production company.

The studio is aiming to reboot the franchise through the third “Ninja Turtles” project.

Paramount’s two movies are based on the comic by Kevin Eastman and Kevin Laird about wisecracking pizza-loving turtle superheroes named after the Renaissance artists Michelangelo, Raphael, Leonardo and Donatello, using ninja skills acquired from a radioactive New York City rat. The first movie, simply called “Teenage Mutant Ninja Turtles,” was released in 2014 and grossed $493 million worldwide while “Out of the Shadows” took in about half that.

Both films starred Pete Ploszek as Leonardo, Alan Ritchson as Raphael, Noel Fisher as Michelangelo and Jeremy Howard as Donatello.

New Line released three low-cost “Teenage Mutant Ninja Turtles” movies in the early 1990s. The first film was a hit with $201 million worldwide, while the second grossed $78 million domestically, and the third took in $42 million.

Dodge’s script for “Bad Words” was named to the Black List. He’s worked on “Space Jam 2” and “O’ Lucky Day.” He is repped by CAA, Grandview and Gang Tyre.

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