Disney has bailed out of co-financing the third movie in Walden Media’s Chronicles of Narnia series, according to published reports.
The Los Angeles Times reported Thursday that Disney had decided not to exercise its option to partner with Walden on Chronicles of Narnia: The Voyage of the Dawn Treader, which has Michael Apted attached to direct.
Disney’s move comes on the heels of disappointing worldwide B. O.for the second Narnia pic, Prince Caspian. Caspian, released in May, grossed $419 million worldwide, compared to a haul of $745 million for the first Narnia pic, “The Lion, the Witch and the Wardrobe,” in 2005.
Disney like other studios is also looking to be selective about its big-budget bets amid the economic downturn.
Walden execs told the Times they were “disappointed” in Disney’s decision but that they remain committed to the franchise.
Credit: Variety
