Studios back out of Halo movie.

[D Mac]

http://videoeta.com/news/2147

Studios back out of 'Halo' movie
Posted October 20, 2006 at 9:33 AM Central Time

By Tim Briscoe

Variety is reporting that studio co-financiers Universal and Fox have backed out of the Halo movie. The industry news source claims rising costs for the film's production caused the rift.

The studios demanded that Microsoft, the publishers of the popular video game, and the film's producing team, lead by Peter Jackson, take a pay cut in light of the rising price tag. Both "respectfully declined" says a rep for Jackson.

Microsoft was reported to receive $5 million upfront and 10% of the box office gross as rights holder to the game.

The budget on the film was rumored to be upwards of $200 million. Jackson's rep claimed the costs of the New Zealand based production were significantly less, around $130 million.

Universal and Fox were also rumored to be concerned over the inexperience of Halo's rookie director Neill Blomkamp. But Jackson and team are standing by their man. The Jackson rep stated, "Part of what excited Peter and [producing partner] Fran [Walsh] was Neal's vision. We're very confident this film will move forward with the creative partners intact, who will take the film to production."

Microsoft is currently in talks with other studios, so says Variety, so any pre-production delays should be minor.

We're still holding our breath that they'll finish Halo for a summer 2008 release -- but we're running out of air.