The Wrap is reporting that “True Detective” director Cary Fukunaga is no longer attached to New Line’s film adaptation of the Stephen King’s It. Filming, which was to take place this summer, has been postponed.

The reason for Fukunaga’s departure is that he apparently was clashing with the studio regarding his vision and the budget that they were willing to offer. An example is that he wanted to film in New York, which has higher rates than other locations.

Originally, the project was to be done under Warner Bros. but it moved to New Line in recent weeks. A source told The Wrap that one of the reasons for the budget concerns may have been the lukewarm opening Poltergeist, which also heavily used a clown in their marketing.

Fukunaga’s vision for It was to create two separate films, one which tackled the protagonists as children and the second film to focus on them as adults. Will Poulter (We’re The Millers) was cast to play the villainous clown “Pennywise”.

We’ll be keeping a close eye on things to see what develops. As it stands, this is a sad day as it seemed that everything was in place for a possibly visionary take on King’s terrifying story.