SPIDER-MAN 4 CANCELED, Raimi, Maguire, Dunst Gone

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The Hollywood Reporter's Heat Vision Blog confirmed late today that , a movie that had recently hit the brakes due to creative differences primarily over what villain the movie should use, has been outright canceled.

Columbia, Sony, and Marvel Studios will instead reboot the Spider-Man movie franchise, launching a new series of films with Peter Parker in high school, more similar to the take on the character seen in Marvel Comics' Ultimate Comics Spider-Man. With the relaunch, director Sam Raimi and stars Tobey Maguire and Kirsten Dunst, who had been involved with the first three big screen successes, all part ways with the franchise.

Raimi presented far from sour grapes, instead wishing Marvel luck saying, "the studio and Marvel have a unique opportunity to take the franchise in a new direction, and I know they will do a terrific job."