Disney won’t co-finance ‘Narnia’ franchise anymore

In a rather shocking move, Disney Studio has decided not to co-finance the third movie in Walden Media’s ‘Chronicles of Narnia’ series, leaving the future of the fantasy franchise in jeopardy.

“We are no longer going forward with the movie due to budgetary considerations and other logistics,” Variety quoted a Disney spokeswoman as saying.

However, she refused to divulge any details on the studio’s decision to sever its ties with Walden on what was once meant to be a seven-part series.

Walden executives didn’t return calls seeking comment.

The move comes in line with the disappointing worldwide collections for the second ‘Narnia’ pic, ‘Prince Caspian’, which grossed 419 million dollars worldwide, as compared to 745 million dollars for the first ‘Narnia’ pic, ‘The Lion, the Witch and the Wardrobe’, in 2005.

It is said that Disney is following in the footsteps of other studios, and being selective about its big-budget bets amid the economic downturn.

But still, the move has surprised many as Walden has already trimmed the budget of the next Narnia’ flick, ‘The Voyage of the Dawn Treader’, considerably.

The third film in the ‘Narnia’ franchise was to be made on a budget in the 100 million-150 million dollars range, far less than the 200 million- dollars plus that ‘Prince Caspian’ reportedly cost.

‘The Voyage of the Dawn Treader’, was to be directed by Michael Apted and was scheduled to hit the theatres in early 2009. (ANI)

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