Nicole Sperling
June 01, 2009 AT 08:06 AM EDT

Michael Shannon, best known for his Academy Award-nominated performance in last year’s Revolutionary Road, will next star as infamous record producer/manager Kim Fowley in The Runaways, starring Kristen Stewart as rocker Joan Jett. Dakota Fanning is set to portray original frontwoman Cherie Currie.

Fowley, who founded the all-female punk combo The Runaways in the late 1970s, was known as a Svengali to the young musicians and was later accused by the band of verbal, emotional and sexual abuse. Music video director Floria Sigismondi (Marilyn Manson’s The Beautiful People) will helm the project based on her own script. Production is set to begin this summer. 

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