Walt Disney Studios announced Monday morning they’ll be co-producing and co-financing Steven Spielberg’s book to film adaptation of Roald Dahl’s The BFG.

In addition to news of Disney’s involvement, we’re learning today that several new cast members have joined Steven Spielberg’s The BFG as giants. They are: Bill Hader, Jemaine Clement, Michael David Adamthwaite, Daniel Bacon, Chris Gibbs, Adam Godley, Jonathan Holmes, Paul Moniz de Sa, and Olafur Olaffson.

The BFG stars Mark Rylance as the Big Friendly Giant, and newcomer Ruby Barnhill as Sophie. As readers of Dahl’s classic know, the story follows the two lead characters as the BFG introduces Sophie to the world of Giant Country.

This is the first time Spielberg is directing a Disney picture. In a statement this morning he spoke about his excitement for the project.

“In more than 40 years of making movies, I have been on the producing end of a number of films for The Walt Disney Company, but never as a director,” he said. “It is a special joy to be in the director’s chair as we start The BFG, alongside my long-time friends and film collaborators Kathy Kennedy, who introduced me to this project, Frank Marshall and Melissa Mathison. Together with them and Disney, there are many reasons why I am so excited about this joint venture.”

“With Steven Spielberg at the helm, The BFG will undoubtedly capture the minds of children and adults alike – as Roald Dahl’s original stories and many of Steven’s own films have done for decades,” added Disney chairman Alan Horn. “The team at Disney has tremendous respect for the filmmakers, and we’re thrilled to join with them to make what will be a spectacular picture.”

The BFG hits theaters July 1, 2016. As Disney notes in this morning’s announcement, the release will mark 100 years since Dahl’s birth.