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Disney have decided not to co-finance the next installment of the Chronicles of Narnia films. A Disney spokeswoman confirmed Wednesday that the Burbank studio decided not to exercise its option to co finance the third movie in the franchise based on C.S. Lewis' classic children's books because of "budgetary considerations."

As in the case of many films, "Prince Caspian" did not earn its money back from ticket sales. But Disney and Walden hope it will become profitable as the result of DVD sales.

On Wednesday morning, the Hollywood Reporter website was first to report that Disney was pulling out of "Dawn Treader."