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Warner Bros Pictures has confirmed they have pulled the upcoming big budget, DC comic book film "Green Lantern" out of Australia.
The decision was made due to "the current global economic situation, including fluctuations in currency valuation and overall costs."
"After working closely with our partners at the NSW Film and Television Office (Screen NSW) and examining every scenario, we have decided to move the production of 'Green Lantern.' We are extremely grateful for the assistance we have received from the NSW Government, Fox Studios and the NSW filmmaking community," said the studio.
Industry sources now confirm that "Green Lantern" will likely shift production to Canada.
Lead actor Ryan Reynolds is Canadian (good for tax credits), Ontario has a generous tax program, (better for tax credits) and Pinewood Toronto Studios took over Toronto's Filmport, with the largest studio sound stage in North America, now ready to take on a bigger comic book project after booking Universal's "Scott Pilgrim" last summer.
Vancouver has been a favourite production centre for Warners, ever since the success of 'Superman'-themed "Smallville", but since last year's lacklustre box office performance of "Watchmen" the studio is now seriously considering Toronto.
To be directed by Martin "Casino Royale" Campbell, "Green Lantern", based on the DC Comics character is set for a summer 2011 release.
In Toronto, the Ontario government has offered generous tax breaks to the new "Resident Evil: Afterlife" feature, Steven Spielberg's untitled alien invasion series for TNT, Universal's "Scott Pilgrim" and producer M. Knight Shyamalan's upcoming feature "Devil".
Meanwhile Sneak Peek the HD trailer for "Green Lantern: First Flight", the fifth entry in the DVD series of Warners' DC Universe animated movies...