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Back to the Future director Robert Zemeckis was to helm the project, which would have followed up his 2011 3D sci-fi film Mars Needs Moms.
Speaking to Deadline, studio insiders denied that the decision to pull the plug was based on takings for the comedy, which Zemeckis co-produced.
Yellow Submarine, under discussion since 2009, was intended to be made in time to open at the London 2012 Olympics.
More: Robert Zemeckis, Movies
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