Milestone Films is currently at work on a Blu-ray edition of the original The Phantom of the Opera, starring Lon Chaney. The Blu-ray will be distributed by Image Entertainment and will be available in October.
Fans of the film will be happy to know that this edition will feature multiple versions of the film, along with plenty of extras:
"This will be Blu-Ray, mastered at Movietone aperture from much better 35mm material than we have ever used before. There will be two complete runs of the 1929 version: one at 24 fps with a new score by the Alloy Orchestra and an optional score on theatre pipe organ by Gaylord Carter, previously issued in monaural but now in stereo from the original master stereo recording; the second run at 20 fps with orchestra/soprano score by Gabriel Thibadeau and an optional new audio essay by Jon Mirsalis. Both runs will include the Technicolor sequence mastered from our 35mm YCM labs negative and hand colored scenes on the opera roof and in the scene of "intolerable heat." The program will also include a standard definition transfer of the original 1925 edit from a tinted 16mm print in the usual deplorable quality but with a superb new score by Frederick Hodges. Extras will include (as still images) set construction and production stills, publicity stills, original advertising art, frames from a stencil-colored French release, and the complete script." [Source: NitrateVille]