Disney loses $50 million after scrapping film

Disney has had $50 million (£30 million) of its value written off after axing a forthcoming film project.

The film, which was untitled, was reportedly being directed by Henry Selick, the stop-motion director responsible for 'The Nightmare Before Christmas', 'James and the Giant Peach' and 'Coraline'.

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The pricey project was due to be released in October 2013, but it's not yet known why Disney decided to cease production.

Earlier this year, Disney halted the production of 'Order of the Seven', a re-working of the Snow White story.

It was also forced to rein in the budget of the forthcoming 'Lone Ranger' project with Johnny Depp.

Disney's new found stinginess is probably the fault of 'John Carter'.

The film cost Mouse House chairman Rich Ross his job after losing around £126 million, and despite the subsequent success of 'Marvel Avengers Assemble', the studio has cut back on its spending.

Selick is already hard at work on another project, however - an adaptation of graphic novelist Neil Gaiman's book 'The Graveyard'.

Selick worked with Gaiman on 'Coraline', based on Gaiman's 2002 fantasy novella.