Universal had some cold feet regarding the massive The Dark Tower project, putting it on hold back in May, but producers Brian Grazer and Ron Howard still had hopes of working out a budget and schedule with the studio. Well, apparently Universal felt the cold creeping in and has now scrapped the project completely. Reportedly after reviewing the script from writer Akiva Goldsman for the first film and series, the studio balked and would only commit to the movie, but the producers really wanted to film the series in tandem with all the sets available.
Envisioned as a trilogy of movies as well as two limited TV series, the project certainly presented a big risk for the studio. Grazer and Howard are presumably free to shop the project around to another studio.