Fox to develop 'Voyage of the Dawn Treader'

Twentieth Centurty Fox has decided to develop "The Chronicles of Narnia: The Voyage of the Dawn Treader."

In December, Walt Disney announced it won't co-produce or co-finance the third installment in the "Narnia" series with Walden Media.

Now that Fox has secured the project, plans are to head into production this fall for a possible release in 2010. The studios are currently working out script and budget issues.

Fox and Walden will split costs, and according to Variety, it may take around $140 million to produce "Dawn Treader." In comparison, "The Chronicles of Narnia: Prince Caspian" cost more than $200 million to make.

"Caspian" opened last year and pulled $419 million worldwide. "The Lion, the Witch and the Wardrobe," the first film in the series, collected $718 million.

Other than that, not much else is known about the project at this stage. The trade said the film may shoot in Australia. Additionally, Ben Barnes, Skandar Keynes and Georgie Henley will return to reprise their roles. Michael Apted is on board to direct.

Disney says no to third 'Narnia' film

Walt Disney announced Tuesday it won't co-produce or co-finance "The Chronicles of Narnia: The Voyage of the Dawn Treader" with Walden Media.

According to the Hollywood Reporter, the studios didn't offer any details, but one of the main reasons for Disney's pullout is the lack of an appropriate budget.

The third installment of the series was already in preproduction, with principal photography scheduled to kick off next year and a release date set for 2010. Even most of the cast members already agreed to return.

The next step for Walden: look around and find a new partner to bring the film to the big screen. The trade says Fox is certainly a candidate at this stage.

"The Chronicles of Narnia: The Lion, The Witch and the Wardrobe" was produced on a budget of $180 million. The sequel, "Prince Caspian," cost $200 million to make.

As far as box office returns are concerned, "Lion" certainly scored better than "Caspian." The latter only pulled in $419 million worldwide, compared to the former's total gross of $745 million. Those numbers speak for themselves.