Dynamic Duel

Image credit: Superman: Illustration by Dynamic Duo Studio

Though ''Storm'''s $183 million box office proves he has action acumen, is the German-born Petersen fit to handle not one but two classic American characters? The director insists he's an old-school comics fan and cites the 1941-86 title ''World's Finest'' -- which regularly featured combined Superman-Batman story lines -- as an inspiration for the film. (Walker's script, though, is not based on any specific comic plot.) Petersen and his camp proposed teaming the heroes when Warner president of worldwide production Lorenzo di Bonaventura approached him about tackling Superman.

Merging two lucrative franchises was not as daunting as it might seem, as there was no legal red tape. While movie rights to Marvel heroes like Spider-Man and Daredevil are split among rival studios, Batman and Superman are both owned by DC Comics (which, like Warner Bros. and Entertainment Weekly, is a division of AOL Time Warner). Moreover, pairing the men in tights could kick-start solo projects long languishing in development.

In 1998, the studio pulled the plug on Tim Burton's pricey ''Superman Lives,'' starring Nicolas Cage, even as sets were being built. Earlier this year, Warner hired ''Charlie's Angels'' helmer McG and ''Alias'' creator J.J. Abrams to hammer out a new Superman script. Meanwhile, the studio has pursued two different Caped Crusader projects since 1997's disappointing ''Batman & Robin.'' There's ''Batman: Year One,'' director Darren Aronofsky's retelling of the Dark Knight's origin, and ''Batman Beyond,'' a live-action version of the Kids' WB cartoon, with Boaz Yakin (''Remember the Titans'') once attached. Officially, Warner says all three projects are still in the pipeline. But with Aronofsky and McG heading into preproduction on other films (''The Fountain'' and ''Charlie's Angels 2,'' respectively), Petersen seems to have dibs: ''They decided this would be first out of the gate.''

Although ''Batman vs. Superman'' will be expensive (Petersen won't divulge the budget, but expect it to fly far north of $100 million), observers say it may be worth the risk. ''Both properties seem to be in need of a real relaunch with new lead actors,'' notes John Frelinghuysen, media analyst for Booz Allen Hamilton. ''Combining both [could] enable Warner Bros. to maximize the box office...with substantially lower risk than producing two separate films.'' Adds comic expert Mark Twomey, ''Of all the projects DC has been kicking around, by far this is the most exciting.'' Just leave the codpieces at home this time.

(Additional reporting by Nancy Miller)