Universal Studios has declined the opportunity to finance the ambitious adaptation of Stephen King’s The Dark Tower septet of novels.

The project would have encompassed a trilogy of movies and two TV miniseries, and was originally set to go into production this summer. However Universal pushed it back to a February 2012 start, and Deadline.com is now reporting that the studio has reviewed Akiva Goldsman’s script for the first movie, to be directed by Ron Howard, and the first part of the TV series, and decided to pass.

The site suggests that Universal would only commit to the movie, which was not acceptable to the production team of Goldsman, Brian Grazer and Stephen King, since they had already hired Smallville and Battlestar Galactica writer/producer Mark Verheiden to work with Goldsman on the TV miniseries. At present, Universal has not commented on the decision but Deadline says that “insiders” tell them that Universal couldn’t make the project work with its current budget.

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