The future of the ambitious screen adaptation of Stephen King's The Dark Tower series is looking shaky, after it was reported that Hollywood studio Universal has decided not to proceed with the project.

King's eight novels and accompanying spin-off comic books, written over the three decades from 1982, were planned to be converted into three big-screen films and two TV series. Powerhouse director-producer team Ron Howard and Brian Grazer are already well advanced with the project, having commissioned a script from Akiva Goldsman and attached Javier Bardem in the lead role.

Reuters has reported "sources" as suggesting the reason behind Universal's withdrawal was financial, rather than any creative differences with Howard and Grazer, citing a new mood of fiscal caution at the studio after its takeover by Comcast earlier this year.

Howard's participation in The Dark Tower adaptation was originally greeted with a fair amount of enthusiasm, when it was announced in September 2010. Cloverfield director JJ Abrams had previously been attached to the project, but withdrew in 2009.