STX Entertainment has abdicated its place as distributor and co-financier of the Gypsy film remake less than four months after joining the project. According to one Deadline report, sources have said that producer Leonard Blavatnik, who was set to put up as much as one third of the film's over-$50 million budget, dropped out of the production, leaving STX, a two-year-old studio, in a more vulnerable position going into production.
The long-percolating film was set to star Barbra Streisand as Rose with Barry Levinson directing and Joel Silver producing alongside Streisand. Richard LaGravenese was slated to pen the script with Streisand also contributing to its development.
Gypsy, which debuted on Broadway in 1959, has a book by Arthur Laurents, music by Jule Styne, and lyrics Stephen Sondheim. The story is based on the memoirs of the famous striptease artist Gypsy Rose Lee and tells her story as the ultimate stage mother. Through Rose's dream to raise her daughters Louise and June to become stars, she aims to gain fulfillment for her own failed venture into show business.
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