It’s official. Warner Bros. confirmed today that they are pulling production of Green Lantern out of Australia due to the falling U.S. dollar.
The studio said that “the current global economic situation, including fluctuations in currency valuation and overall costs,” forced the decision, in a statement issued through agency Screen NSW.
“We have also had to reassess film projects in other countries as well,” it said.
The rising Australian dollar and falling U.S. dollar has resulted in a 30% decrease in value for the U.S. dollar since the shoot was announced six months. That decline would have added roughly $20 million to the cost of production.
“After working closely with our partners at the NSW Film and Television Office (Screen NSW) and examining every scenario, we have decided to move the production of ‘Green Lantern.’ We are extremely grateful for the assistance we have received from the NSW Government, Fox Studios and the NSW filmmaking community,” the statement finished.
The film will likely move its production to either Mexico or Canada.
Green Lantern is scheduled to hit theaters on June 17, 2011.