Disney abandons Narnia franchise

Disney has announced that it has pulled out of financing the next Chronicles Of Narnia film adaptation.

The studio had been committed to co-produce and co-finance The Chronicles of Narnia: The Voyage Of The Dawn Treader alongside Walden Media.

However, the studio has now revealed that for budgetary and logistical reasons, it will not be involved in production of the next movie, according to The Hollywood Reporter.

The first film in the franchise, The Lion, The Witch And The Wardrobe, cost $180 million (£122 million) to make and made around $745 million (£505 million) at the worldwide box office. Second instalment Prince Caspian had a budget of $200 million (£135 million) but grossed just $419 million (£284 million) worldwide, a significant drop from the previous movie.

Dawn Treader is already in pre-production, with an anticipated release date of May 2010. All and key characters from the previous instalments are thought to have signed on.

Walden Media is expected to go ahead with the production, with Fox studios a likely contender to replace Disney.

Earlier this year, it was rumoured that the Narnia franchise would end with Dawn Treader after producer Mark Johnson said that there were no plans to adapt any of the remaining four books.