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updated: 8/13/2011 11:02 PM

'Lone Ranger' filming shut down over budget

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  • Johnny Depp

    Johnny Depp

  • Armie Hammer

    Armie Hammer

Associated Press

LOS ANGELES -- A source close to Walt Disney Studios' much-anticipated big-screen adaptation of "The Lone Ranger" starring Johnny Depp and Armie Hammer says the production has been shut down.

The source says those involved are figuring out their next steps, and it's possible filming could resume. The source asked to remain anonymous because they're not authorized to speak publicly about the discussions.

The development was first reported in Deadline Hollywood, an entertainment industry news website. It cited difficulties with reducing the movie's estimated $250 million cost to $200 million.

Jerry Bruckheimer was set to produce the film with a script by Justin Haythe. Hammer was expected to play the title character, and Depp was set to play the Lone Ranger's partner, Tonto.

The Western was scheduled to be released Dec. 21, 2012.