Peggy Serota

After news last week that Netflix and director Nancy Meyers were at a crossroads over a budget on her next movie, sources close to the situation say the operator has decided to drop the project.

Deadline reported last week that Scarlett Johansson, Owen Wilson, Penelope Cruz, and Michael Fassbender were in talks to star but the budget — which sources say was around $130 million — is causing problems. Sources are now saying that while the studio did well on $130 million, Myers was fighting for $150 million, of which $80 million goes to top-of-the-line costs. With both sides refusing to budge, sources say that over the weekend Netflix has been leaning toward moving entirely away from the movie, with the plug finally being pulled this morning.

The movie is currently titled Paris Paramountwhich we first told you about in April 2022, tells the story of an above-the-line filmmaking duo who meet (reluctantly) on set after falling in love and falling out with each other.

It’s unknown where the project goes from here, but given the players involved and Myers’ track record, there’s always the possibility that another studio or broadcaster could take over the project.

Stay tuned.