Disney Drops Out of "Narnia" Films

The Walt Disney Company has decided to drop out of the "Narnia" movie series, reported Reuters. Disney co-financed both the 2005 film, The Chronicles of Narnia: The Lion, the Witch and the Wardrobe, and the 2008 sequel, Prince Caspian, but has turned down a chance at the third film, The Voyage of the Dawn Treader. A Disney spokeswoman claimed Wednesday that the decision was made due to "budgetary considerations and other logistics."

The first film grossed $745 million worldwide at box offices and was a top-selling DVD that year. However, Prince Caspian did not fare well against other summer movies, making only $420 million at the box office. Disney was partnered with Walden Media and only received 50 percent of the profits, while the films cost around $180 million to $200 million to make. The third film, The Voyage of the Dawn Treader, was scheduled to be released in 2010, and already had a director and several actors cast. The future of the franchise is currently unknown.