The film is based on journalist Mary Mapes' 2005 book "Truth and Duty", about her experience producing for news anchor Dan Rather, who got embroiled in controversy about a disputed news report involving US President George W Bush, reported Entertainment Weekly.
Blanchett will play Mapes and Redford will be seen as Rather. Elisabeth Moss and Dennis Quaid will also appear in the film, directed by James Vanderbilt.
The movie will chronicle the "Rathergate" controversery that occurred when Rather investigated whether or not President Bush fulfilled his service requirements during the Vietnam War.
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