Pending approval of the final script and shooting budget, Fox and Walden Media, which controls the movie rights to C.S. Lewis’ classic children’s books, hope to be begin production on “The Voyage of the Dawn Treader” by late summer so it will be ready for holiday 2010 release.

Fox is taking a financial gamble that Disney was unwilling to wage despite helping bankroll the first two films in the “Narnia” family franchise. Walden, owned by entrepreneur Phil Anschutz, was forced to seek a new financial partner on “Dawn Treader” after Disney balked at the cost and opted out.

While the targeted budget of “Dawn Treader” is much lower than that of the last Narnia movie, “Prince Caspian,” which cost $225 million to produce, it’s still a big gamble. Released by Disney last year, the sequel was much less popular than the first “Narnia” movie, “The Lion, the Witch and the Wardrobe.” The sequel grossed $419 million worldwide compared with its 2005 predecessor, which generated $745 million in ticket sales.

At any rate, I am glad to see the series continue on and believe in the long run, Fox will be happy with the investment.

Original story at The L.A. Times.

The third entry in the series, based on the classic books by C.S. Lewis, was in preproduction and set for a spring shoot. A May 2010 release was planned as well.

This latest development puts the participation of the talent attached in doubt. Michael Apted was on board to direct a script by Steven Knight. The key players of the second installment, “Prince Caspian” — Ben Barnes, Georgie Henley, William Moseley and Anna Popplewell — were to return for the third film.

One of the reasons Disney might have pulled besides the struggling economy is the fact that “Prince Caspian” paled in comparism to what “The Lion, the Witch and the Wardrobe pulled in.

“Caspian” was shot in the Czech Republic, Mexico and New Zealand at a cost $200 million. The film grossed $141 million in North America and another $278 million internationally.

“Lion” was shot in New Zealand for $180 million and grossed $292 million domestically and another $453 million internationally in 2005.

Walden Media who has a strong relationship with the Lewis estate will now shop “Treader” in hopes of finding a new partner. The most likely candidate at this stage is Fox, which markets and distributes Walden fare under the Fox Walden banner.

Personally I feel Disney is making a mistake to let the series go. I was hoping they’d produce films from all seven books in the series which in the long run would most likely bring about huge profits.

Now they leave the next films for someone else to pick despite the fact that they have their name on the first two.

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