Martin Scorsese’s classic film The King of Comedy is to become a Broadway musical, according to the Hollywood Reporter.

Stephen Trask, who composed the music and wrote lyrics for the stage version of Hedwig and the Angry Inch, will work with Rock of Ages writer Chris D’Arienzo on the project.

Scorsese’s 1982 film is known for Robert De Niro’s acclaimed turn as ambitious standup hopeful and obsessive autograph hound Rupert Pupkin, who ends up kidnapping a talkshow host in an effort to engineer fame. The movie, which explores themes of celebrity worship and the media spotlight, opened the Cannes film festival in 1983. Scorsese’s follow-up to Raging Bull, it was well received by critics upon its initial release but failed at the box office, taking just $2.5m against a $19m budget. Like many of the director’s lesser-known films, it has grown in stature over time and is these days considered by many critics to be one of the better movies in Scorsese’s canon.

The musical version is being put together by film and television production company New Regency, whose films include Heat, Fight Club and LA Confidential.

“I saw King of Comedy in film class at Wesleyan [University] and I still can’t get it out of my head,” said Trask. “To get asked by New Regency, one of the most consequential film companies ever, to make a musical with my friend Chris D’Arienzo, out of what might be the greatest movie ever, is one of the most exciting opportunities to come my way. And we didn’t have to kidnap anybody to make it happen.”

D’Arienzo said: “I am beyond thrilled to work with Stephen and New Regency to bring Rupert Pupkin’s toxic fantasy world to the stage. The film is an absolute classic and it is an honour to explore this timely and twisted view of ‘fame obsession’ with such talented and thoughtful collaborators.”

The King of Comedy will follow in the footsteps of famous film-to-stage conversions such as The Producers, Hairspray, Kinky Boots and Billy Elliot.