That's Men in Black, the blockbuster sci-fi/comedy franchise based on the black-and-white indie comic. Apparently, the studio is mulling a crossover between the Men in Black and the undercover cops of the 21 Jump Street franchise.
Unlike the Spider-Man plans, which all either fell through or in flux, it sounds from the WSJ article as though the Men in Black/Jump Street movie is still in play, set to be produced and possibly directed by Chris Miller and Phil Lord, the duo who directed 22 Jump Street and The Lego Movie.
The e-mails, between actors, producers and studio heads, indicate that Will Smith and Tommy Lee Jones would be unlikely to return, at least in any kind of major role, and that the project doesn't currently have a script, so a greenlight for the production to go forward would/will likely come on the strength of the concept alone in order to get it moving quickly.
While the Jump Street movies have made big money on relatively modest budgets, the most recent Men in Black film made over $600 million -- a franchise best -- but is still widely considered a failure both critically and financially.
It's unlikely Sony will comment on this development any time soon, as they've been studiously avoiding public discussions of the information revealed as a result of their servers being hacked.