Narnia series following on the heels of Harry Potter

The success of Harry Potter And The Philosopher's Stone has boosted the bankability of children's fantasy stories, with C.S. Lewis' Narnia books now headed to the big screen.

The Hollywood Reporter says Walden Media has optioned Lewis' classic seven-part Chronicles Of Narnia series, with an eye to developing the books into a movie franchise, starting with The Lion, The Witch And The Wardrobe.

Wardrobe, the best-known of the books, was published in 1950, but was actually the second volume in the collection. It tells the story of a group of children who step into a magic wardrobe and are transported to Narnia, a once peaceful land that is now the wintery domain of the White Witch.

Other volumes in the series are The Magician's Nephew, The Horse And His Boy, Prince Caspian, The Voyage Of The Dawn Treader, The Silver Chair and The Last Battle.

Paramount had previously owned the rights to the series, but the franchise languished there and rights went up for grabs last month, The Hollywood Reporter said.