Oren Aviv, president of motion picture production for Disney is a very smart man. That’s why he’s officially green-lit the big-screen version of the popular TV franchise “High School Musical” as a theatrical release.

Production on “High School Musical 3: Senior Year“, the first big-screen installment of the smash-hit Disney franchise, is expected to release on October 3, 2008 through distributor Walt Disney Studios.

The ratings for “High School Musical 2” were record-breaking in August. At that time, it was unclear whether Disney would re-hire Vanessa Hudgens who while HSM3 was being planned was caught up in a naked pictures scandal (In September, 2007 there were a few underage nude self-portraits of the 19-year-old on the Internet.) Also, Zac Efron – Hollywood’s ‘next big thing’ – had an escalating asking price for the film which Disney was reportedly at first reluctant to pay.

Ultimately, everything is squared away. Zac Efron will reportedly earn $3 million to return as ‘Troy Bolton’ for the theatrical sequel. And Vanessa Hudgens and Ashley Tisdale are also reportedly getting a very large pay hike as well. Rounding out the cast of returning ‘East High’ seniors are Corbin Bleu, Monique Coleman and Lucas Grabeel.

Disney’s Oren Aviv said in a statement:

“We’re thrilled to have all of the talented cast members who helped to make High School Musical such an incredible phenomenon joining us for this big screen motion picture event,” “We will take these popular characters in some intriguing and entertaining new directions,” “Clearly, the music, spirit and personalities in these films have touched audiences in a very special way, and this latest musical adventure delivers lots of great new entertainment on an even grander scale.”

The first two films in the “High School Musical” franchise were reportedly seen by more then 250 million people worldwide. The soundtrack to the original was the top-selling album of 2006 and the franchise has also generated a book series, a concert tour, videogames, an ice show and a stage-musical.

According to Disney, the plot line for High School Musical 3:

“Senior Year will find Troy and Gabriella stressing out over their impending separation once graduation sends everybody on their merry ways. Sure enough, East High’s senior class will stage one last musical “reflecting their experiences, hopes and fears about the future,”

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