Spider-Man 4 Is Scrapped

Credit: Columbia

Spider-Man 4 is no more.

Sony Pictures announced Tuesday that it was "re-booting" the franchise after director Sam Raimi bowed out over concerns he wouldn't be able to maintain the action flick's creative integrity and keep its summer 2011 release date.

This means stars Toby Maguire and Kirsten Dunst are also out of a job.

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Said Maguire in a statement, "I am so proud of what we accomplished with the Spider-Man franchise over the last decade. Beyond the films themselves I have formed some deep and lasting friendships. I am excited to see the next chapter unfold in this incredible story."

The studio is instead focusing on a new Spider-Man series with a new director and cast. The new movies, to be released summer 2012, will focus on the comic book character's teenage years.