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Columbia Pictures is apparently developing a Bad Boy 3, with Peter Craig on board as writer. Craig is currently adapting Cowboy Bebop for the big screen.
They hope to bring back Will Smith and Martin Lawrence, along with director Michael Bay and producer Jerry Bruckheimer. All parties have reportedly expressed interest in returning for a third film, but have been waiting for the right script to come by.
I'm a fan of the first movie and I thought the second was a lot better than the first in a lot of aspects. As long as everyone returns, I say bring on a third film
SOURCE: THR