The film, an adaptation of the popular young adult novel by Lois Lowry, stars Thwaites as a young boy who is selected for life service as the Receiver of Memories. He works with The Giver (Bridges), an old man who teaches the boy to use his sensory gifts.
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Streep will play the antagonistic Chief Elder, who assigns the young their tasks, in the film about a society in which there is no sickness, conflict or racism.
Holmes will play Thwaites' character's mother.
The movie, which is set to start filming Oct. 7 in Cape Town, South Africa, will be directed by Salt's Phil Noyce and was written for the screen by Michael Mitnick.
Walden Media is co-financing and co-producing the film with TWC.
Bridges, Nikki Silver and Neil Konigsberg are producing the project, with Ralph Winter, Scooter Braun and Alison Owen executive producing.
The film is set to hit theaters on Aug. 15, 2014.