Baz Luhrmann's film adaptation of The Great Gatsby starring Carey Mulligan and Leonardo DiCaprio will not be released until summer 2013.
The Moulin Rouge director's big screen adaptation of F Scott Fitzgerald's epic novel had been due for release on Christmas Day in the US and Boxing Day in the UK, with trailers already showing.
But Warner Bros announced in a statement it was pushing the release back to ensure it "reaches the largest audience possible".
The previous release would have put it in competition at the box office with highly anticipated films such as Les Miserables and the first instalment of The Hobbit trilogy. It will now battle against summer blockbusters such as Iron Man 3, Star Trek 2, and the new Superman film Man Of Steel.
The date change puts the film out of the running for next year's Oscars, and makes it less likely to be a contender for the 2014 awards season, as studios tend to release these in December and January.
But the Los Angeles Times reports the delay will allow Baz to finish the lavish 3D effects he has planned, and make an accompanying soundtrack featuring big name artists.
Dan Fellman, Warner Bros' president of domestic distribution said: "Based on what we've seen, Baz Luhrmann's incredible work is all we anticipated and so much more. It truly brings Fitzgerald's American classic to life in a completely immersive, visually stunning and exciting way. We think moviegoers of all ages are going to embrace it."
Veronika Kwan Vandenberg, international distribution president, added: "The responses we've had to some of the early sneak peeks have been phenomenal, and we think The Great Gatsby will be the perfect summer movie around the world."