King Adaptation “It” Indefinitely Shelved

With Cary Fukunaga’s departure from the film adaptation of Stephen King’s “It” over the holiday weekend, fans were still holding out slim hope that the film (or rather, films) might still carry forward. That hope is now gone as The Wrap has confirmed that the project has been pushed indefinitely.

The site goes into detail about the fallout. “It” was originally set up at Warner Bros. before moving to its New Line branch in recent weeks and with that move came budget cuts despite having greenlit the first film at $30 million.

Fukunaga expressing a strong desire to film in New York, something the studio didn’t want. The poor showing this past weekend for the “Poltergeist” remake, which featured a clown in its marketing materials, also did not help. Neither has the poor track record of films starring children that are marketed to an adult audience.

With production a month off, Fukunaga’s recent drafts were coming in over-budget but New Line maintained a hard financial line. According to the site, that tight budget was the main reason Ben Mendelsohn opted out of playing Pennywise because the studio wanted him to take a sizable pay cut.

As currently constituted, “It” is dead and it’s unclear whether actor Will Poulter be involved in a future incarnation of the project after Fukunaga opted for him as Pennywise. Author Stephen King weighed in on Twitter about this: