'The Spiderwick Chronicles' reboot is no longer moving forward.

Disney has decided that it will not go ahead with the new adaptation of The Spiderwick Chronicles, the series of fantasy books aimed at children that was published between 2003 and 2008, one part under the title The Spiderwick Chronicles, until 2004, and the next part under the name Beyond the Spiderwick Chronicles as a sequel. The studio had a live-action TV version ready that will see the light under its signature, according to Deadline in a new report.

The media reports that the reason for this cancellation is that Disney is trying to improve the content it offers and that is why the company is getting rid of movies and series it had on hold as it is focusing on the curation of its content. But the decision to reevaluate its strategy, as other companies are doing with great emphasis on streaming, has its rationale in that it is eliminating costs of certain productions that may not be entirely profitable.

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Paramount Television Studios and 20th Television owned the 8-episode series, and Paramount's division is trying to find a new buyer. Deadline reports that production on the series is complete and the company believes it could find a way to get the adaptation to streaming with or without Disney, which originally would have handled distribution but chose to cancel its plans.

Last May Disney's CFO announced a major cancellation and this series is part of the decision. The CFO said the company began the process of reviewing direct-to-consumer content in order to implement a new strategy that would align with its current goals.