Breaking News! The elusive ‘Waldo’ has finally been found! Universal Pictures and Illumination Entertainment beat out several other studios to nab the screen rights to popular children’s book property, “Where’s Waldo?,” reports Variety.

Written and illustrated by Martin Handford, the “Waldo” books have sold upwards of 50 million copies worldwide.  The books consist of elaborate illustrations of large, cluttered, crowd scenes in which Waldo, the red-and-white striped shirt adorned main character, is hidden.

The film will reportedly be a live-action, family friendly event with global appeal, and will be produced by Chris Meledandri.

Warner Bros. was also on the hunt to nab “Waldo” for Bob Shaye and Michael Lynne’s Unique Features.  Eric Ellenbogen, who’ll be executive producer, brokered the deal through Classic Media.