The news comes after it was revealed that Tron: Legacy stars Garrett Hedlund and Olivia Wilde, along with director Joseph Kosinski, were set to reprise their roles for the new film.
© Disney
According to , preparations for filming were already underway in Vancouver before Disney pulled the plug on the project.
The company is reported to want to instead focus on the live adaptation of its animated classics, including the , following the success of recent hits and .
2010's Tron: Legacy brought the franchise to a whole new generation of fans, following 28 years after Jeff Bridges' cult classic, taking in nearly $400 million worldwide and spawning the animated series Tron: Uprising, which aired from 2012 to 2013 on Disney XD.
The cancellation comes after Disney's most recent sci-fi film Tomorrowland underperformed at the US box office last weekend.
Watch the trailer for Tron: Legacy below:
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